ACO 2014 Annual Report by Australian Chamber Orchestra

2014 Annual Report

PRINCIPAL PARTNER

Contents Mission Statement 3 Orchestra List 4 Chairman’s Report 5 Artistic Director’s Report 6 General Manager’s Report 7 National Concert Season 8 Special Events 18 International Tours 23 Education Report 27 Disability Action Plan 30 Instrument Fund Report 31 Emerging Artists & AcO2 Report 32 AcO2 Tours 33 ACO VIRTUAL 35 ACO Underground 36 Attendance Figures 37 Events 39 Recordings 40 ACO Partners 41 Donations Program 42 Instrument Fund 47 Chairman’s Council Members 48 Staff List 49 Financial Report 50 Directors’ Report 51 Auditor’s Independence Declaration 56 Financial Statements 57 Notes to the Financial Statements 61 Directors’ Declaration 77 Independent Audit Report 78

COVER: TIMO-VEIKKO VALVE ABOVE: JULIAN THOMPSON

2014 ANNUAL REPORT

Mission Statement To inspire and challenge audiences everywhere through the music we play. VISION

To be recognised as one of the finest chamber orchestras in the world, renowned for the integrity and excellence of its musicianship, the boldness and vitality of its programming, and the loyalty of its audiences, stakeholders and supporters.

CORE VALUES The core values of the ACO are the principles which have been adopted over the years to provide guidance and context for the Orchestra’s artistic development and its relationships with audiences and stakeholders: — performing music of a quality and at a standard that both challenges and satisfies audiences and players alike; — adherence to principles of trust, honesty, candour and integrity in dealing with the needs and contributions of all players, members of staff and members of the board of directors in furthering the organisation’s achievements; — developing a holistic culture within the organisation that nurtures and supports the Orchestra’s artistic aspirations; — ensuring that all stakeholders are welcomed into the broad ACO family and are recognised for the contributions they make to it; and — aspiring to be distinctive and worthy representatives of Australian culture throughout the world.

CHRISTOPHER MOORE

2014 ANNUAL REPORT

Orchestra List

Richard Tognetti AO Artistic Director & Violin Helena Rathbone Principal Violin Satu Vänskä Principal Violin Rebecca Chan Violin Aiko Goto Violin Mark Ingwersen Violin Ilya Isakovich Violin Ike See Violin Christopher Moore Principal Viola Alexandru-Mihai Bota Viola Nicole Divall Viola Timo-Veikko Valve Principal Cello Melissa Barnard Cello Julian Thompson Cello Maxime Bibeau Principal Double Bass PART-TIME MUSICIANS Zoë Black Violin Veronique Serret Violin Caroline Henbest Viola Daniel Yeadon Cello

MELISSA BARNARD

2014 ANNUAL REPORT

artistic, audience access and financial achievements in 2013.

Chairman’s Report S

It was a year in which the Orchestra presented a much higher number of performances in Australia owing to a lighter than usual international touring schedule. This opened up the opportunity for several extra projects in the domestic concert season, thereby increasing the potential box-office revenue for the year. After almost three years of development and testing, ACO VIRTUAL made its first public appearance at the Gold Coast Arts Centre in June 2013, attracting great public interest and extensive publicity. This fully immersive, interactive digital installation of the ACO encircles the audience with life-size moving images of the musicians of the ACO, in surroundsound, and enables the user to select individual players, learn their individual part, buildand up challenge the compositional and With our vision to “inspire audiencestexture, everywhere ‘play with the band.’ This ground-breaking installation was through the music we play”, the Australian Chamber Orchestra the resultdelivered of a wonderfully creative partnership with Michela certainly on very high expectations in 2014. Ledwidge and Mish Sparks of Mod Productions, with superb It was arecording year of extensive international touring, characterised sound from Simon Lear of bSound. Intended to not only by the wide geographical reach of the touring itineraries but bring the ACO closer to audiences in regional Australia, the breadth of programming which demonstrated the tremendous ACO VIRTUAL was subsequently installed at the Swan Hill versatility of this Orchestra and its forward-looking approach to Regional Gallery in Victoria in July 2013 but proved also very artists and repertoire. attractive to capital city venues, with a special installation taking place in October at the Sydney Housethe as part In late September and early October, theOpera ACO toured of the musical House’scentres 40th birthday celebrations. major of Europe, including performances in

suchwere venerated concert as Amsterdam’s Concertgebouw, We delighted thathalls our long-term corporate partner, the Vienna’s Konzerthaus, London’s Queen Elizabeth Hall, Cologne’s Commonwealth Bank of Australia, extended its relationship Philharmonie, Frankfurt’s Alte Oper and Dublin’s National with the ACO by becoming Founding Partner of ACO Concert Hall. This tour included the world premiere of Water, a VIRTUAL and that the creation of this new digital version brand new work written specially for Richard Tognetti and the of the ACO attracted a new corporate partner in Aurizon ACO by Radiohead guitarist Jonny Greenwood. As always, the as Associate Partner for three years. We were also thrilled ACO juxtaposed the newly created with a fresh view of classical that Andrew Nicola through the Mindaroo repertoire by and including theForrest, music of Haydn and Mozart on Foundation, immediately recognised the full potentialwere of the program. Audience reactions and critical responses ACO VIRTUAL and provided a generous donation to support unanimously positive, with The Telegraph (UK) hailing the concert aassecond and projection enabling one of set the of topsound five musical events in equipment, the UK in 2014 (“the concert ACO VIRTUAL double reach deserve from 2014 showed why thetoACO mayits actually the onwards. title of ‘world’s greatest chamber orchestra’”) and Germany’s Kölnische Rundschau We also salute IBM, our Founding Partner, which celebrated describing the concert a “a true master-class on the subject of 32 years as a key supporter of the ACO in 2013, making it Haydn and Mozart.” one of the country’s longest standing arts parnerships. Earlier in thethe year, thehad Orchestra residency at The Financially, ACO a very undertook successfulayear. Because of Banff Centre in Canada before performing at the New York nightclub Le the increased program of concerts at home in Australia, an Poisson Rouge and in Chicago’s Symphony Hall. ambitious box-office target of $7.6M was set for the year and this was ultimately exceeded bycutting-edge a healthy margin of “This is one of the most precise, virtuoso more than $100k – the strongest box-office result in the string ensembles to be found anywhere in the world.” ACO’s history. JOHN VON RHEIN, CHICAGO TRIBUNE

At home, the Orchestra performed in 85 subscription concerts in Adelaide, Brisbane, Canberra, Melbourne, Newcastle, Perth, Sydney and Wollongong, maintaining a presence right across the country throughout year. The ACO was able to achieve this unmatched 2013 ANNUALthe REPORT national reach through the generous support of our Principal Partner Virgin Australia, and our musicians and their precious instruments were wonderfully well looked after by Virgin’s expert staff under the visionary leadership of John Borghetti.

2014 ANNUAL REPORT

were quite big variances in the revenue from corporate sponsorship, philanthropy and fundraising events. The year saw a shortfall against budget in corporate sponsorship (down $192k) but an increase in philanthropic donations (up $388k), largely thanks to a generous bequest and the donation from Mindaroo Foundation in support of ACO VIRTUAL. It was also an impressive year for event fundraising, with $770k coming from a series of fundraising dinners and special events aimed at generating support for the ACO’s growing Education Program. With revenue well ahead of budget and costs firmly under control, the Orchestra’s operating result for the year is a surplus of $750k, which, when consolidated with the increase in value of the ACO Instrument Fund, produces an after-tax surplus of $1.12M. In June, the ACO Instrument Fund announced the arrival of the This strong financial resulthaving has enabled the ACO achieve Fund’s second instrument, successfully soldtodown all of the accumulated reserves of $15.4M, 100% the Board’s units in the 1728/29 Stradivari violinwhich whichiswas the of Fund’s inaugural long-term target of holding in reserves theviolin, equivalent instrument. A superb 1714 Joseph Guarneri boughtoffor 100% of was the company’s expenditure. Reserves US$1.5M, unveiled to annual the public at a series The of concerts around Policy has been enable the ACO to the embark on the country and adeveloped campaign to was launched to fund purchase ambitious to provide security through theartistic sale ofprojects, units to investors in stability the Fund.and By year’s end, duringthan periods ofthe economic uncertainty, and ahead to support more half of units had been sold, well of thethe projected timeframe a compelling indication of the success of this prospective move by– the ACO to new premises by 2019, with new investment that vehicle provides an expectation thewhich ACO’ssimultaneously next home will enableinvestors the with attractive returns and ACOactivities musicians to some of expansion of the Orchestra’s to access encompass greater history’s greatest musical instruments. education and community engagement programs. IThe am proud an of operating surplus for the 2014 of $330,390, driver to of announce the success the ACO remains and a consolidated surplus of $378,462, which reflects, among extraordinary band of musicians under Richard Tognetti’s other assets, the increase in the value of the ACO Instrument Fund. indefatigable leadership and I thank Richard and his The surplus brings the ACO’s accumulated reserves to a total colleagues for another year of inventive programming and of $15,774,707. The level of reserves is now equivalent to one year’s thrilling music-making. total expenditure and therefore represents the achievement of a 2013 was a year of very the stable governance, with no Board target to underpin security and longevity of the ACO. retirements or rotations among the Board Directors and ItI salute has been privilege to chairfor thistheir remarkably company myafellow Directors untiringsuccessful generosity for another year of great achievements. I salute Richard Tognetti in bringing their expertise and energy to the ACO. It is a and his extraordinary of musicians for their unwavering privilege to serve as band Chairman of this impressive council of excellence on-stage and I thank my fellow Board Directors for business and community leaders. offering their wealth of expertise, experience and knowledge to the benefit of this outstanding artistic institution.

GUIDOBELGIORNO-NETTIS BELGIORNO-NETTIS GUIDO AM am Chairman Chairman

Artistic Director’s Report

In many ways, 2013 brought together every diverse element which makes the ACO defy the word ‘chamber’ in our name, while remaining true to the essential qualities of intricate musical collaboration which lie at the heart of chamber music. Performing Brahms’ Fourth Symphony on gut strings with wind and brass instruments from the late-19th century is almost as far as one could stray from the conventional idea of what a chamber orchestra is, amassing more than 50 musicians on stage. By using the same string numbers as Brahms’ own performance of this remarkable symphony with the Meiningen Orchestra, we sought to understand this familiar music from a fresh timbral and textural perspective.

It iscontrast, rare to be able to Piano claim that a chamber orchestra covered By Brahms’ Quintet gave four of us the 40,000 years of music in one year, but in fact, the ACO didwith just that, memorable opportunity to collaborate for the first time and managed to sweep through the millennia in one single event. the superb American pianist Jeremy Denk – an artist whose Timelineinstincts was our provide biggest and ambitious production in 2014, musical bothmost a complement and a refreshing taking audiences on a musical odyssey which started with challenge to our own approach to this exhilarating music.the first rhythmic patterns of the very first Australians and surged across thousands years of known, approximated or guessed musical Among theoflong-standing friends of the ACO who returned forms of antiquity before decelerating through our most recent to us in 2013 were Swedish clarinettist Martin Fröst, British millennium and eventually posing a question about the future, cellist Steven Isserlis, German cellist Daniel Müller-Schott, with the help ofviolinist our musical fellow-travellers The Presets. Moldovan Patricia Kopatchinskaja and post-Edna Barry Humphries who led us all into new musical territory The most inspiring aspect of this project, which was presented with his fascinating, touching and delightful exploration of all over the country and in the VIVID Sydney festival, was the the lost music of the Weimar Republic. Barry Humphries’ willingness of our audience to come with us on this journey. From Weimar Cabaret also brought the outrageously irrepressible the moment we presented the concept to subscribers, media and cabaret artiste Meow Meow into our lives, an experience sponsors, there was immediate enthusiasm to jump on board and from are ride. all still recovering! comewhich along we for the While werethrill greatly disappointed that Sir John Eliotof Water It was we a great for me to present the world premiere Gardiner to cancelJonny his planned to Australia by Jonnyhad Greenwood. came tovisit Sydney for several weeks with the Monteverdi Choir, the opportunity to bring the at the end of 2012 and spent a lot of time in workshops with the Choir of London to Sydney, Canberra and Melbourne ACO, getting to know us and our style of playing, and theforresult is a performances of new Bach’s Christmas Oratorio proved to beto offer superbly crafted piece, which we have been so proud one of the year’s most memorable events. This ensemble audiences in Australia and on tour in Europe. of Britain’s finest consort singers was something of a vocal 2014 saw sometonew collaborators working the ACO doppelganger theartistic ACO, with individuals from with within for the first time. I was particularly to invite Italian cellist the ensemble stepping forward tohappy take the extremely Giovanni Sollima to bring his unique music-making and sheer joie de demanding solo parts in this baroque masterwork, before vivre to the ACO, having first encountered this amazing musician at returning seamlessly to the Choir. the Maribor Festival. While touring Europe in October, we had the Itimmense was a great pleasure for mewith to perform Brett Dean’s Electric pleasure of working pianist Kristian Bezuidenhout Preludes fortime electric strings in a fullto national for the first and violin I very and much look forward invitingtour him to perform with us in the near Mozart. future. This major at the beginning ofAustralia the year,inTognetti’s new work was the result of Brett’s distinctive musical voice The yearthe opened with the Australian premiere of Winter Morning meeting challenge of an instrument with seemingly Walks, an exquisite song-cycle by the brilliant American jazz limitless tonal possibilities, harnessed with tremendous skill composer Maria Schneider. Maria had composed these evocative by sound engineer Bob Scott. I am very grateful not only and deeply personal songs for Dawn Upshaw and the ACO back to Brett for his openness to this musical and technological in 2010 and we performed them in the US in 2012. That tour also collaboration but also to our generous, long-term supporter included a few additional days in New York to record the songs. The Jan Minchin the piece. resulting CDwho tookcommissioned out three Grammy Awards in January 2014, on the

Another new work which attracted wonderful audience reactions all over the country was Brenton Broadstock’s evocative Never Truly Lost, which was fittingly commissioned by Rob and Nancy Pallin in memory of Rob’s father, the legendary adventurer Paddy Pallin and received its premiere in the Mozart Clarinet Concerto program.

Within the Orchestra, we warmly welcomed our newest recruit, the Romanian violist Alexandru-Mihai Bota. Sascha has quickly become one of the Orchestra’s most recognisable personalities. We also welcomed the ACO’s oldest member – an astonishingly wonderful double bass made by Gasparo da Salò in the 1590s, on loan to the ACO from one of our most generous enlightened benefactors. The joins a A number and of guest artists enriched the life of double the ACObass during 2014. growing family of extraordinary instruments which are played The wonderful Serbian violinist and leader of the London Symphony by our musicians wonderful individuals, such by as our Orchestra, Gordanthanks Nikolicto directed a program conceived Peter Weiss, visionary sponsors, likeIntimate the Commonwealth Bank, Principal Cellist Timo-Veikko Valve. Letters wove together and string the ACO Instrument Fund. and Janáček against a background two quartets by Smetana of letters and diaries written by the composers and dramatised by Playing a major part in the development of the next actors from the Bell Shakespeare Company. generation of Australian string players has been an increasing all inand the frequent ACO, and in 2013 our Marwood Later in therole year,for ourusfriend guest Anthony emerging artists and regional touring ensemble AcO2 came directed a series of performances which will long be remembered of age, undertaking a full, 12-concert national tour of for the inclusion of the Octet by Georges Enescu – a veryall exciting major concert as part of our 2013 concertcheering new addition to halls the ACO’s repertoire whichnational had audiences season. It of was exciting for around me to lead this group of fine at the end every concert the country. young musicians, and immensely reassuring to know that the On those occasions when Iiswas not leading thehands. Orchestra, it was country’s musical future in such talented a great comfort to know that our concerts were in the extremely My colleagues inmy thefine Orchestra roseespecially to the challenge of capable hands of colleagues, our two Principal Violins Helena Rathbone and Satu Vänskä, who led several every program, tour, premiere and collaboration with their important during signature programs commitment and2014. exceptional artistry, and I am deeply grateful to all of them for making the life of this While we were sad to bid farewell to violinist Rebecca Chan at the Artistic Director so musically rewarding. While the ACO end of 2014, we can take great pride in the success of our Emerging remains an evenly matched ensemble of musicians, I cannot Artists’ Program which made a tangible contribution to the sign off 2013 without thanking some specific individuals continuity of the ACO by producing violinists Glenn Christensen and who showed special leadership in 2013, especially our two Liisa Pallandi, both of whom successfully auditioned for positions in Principal Violins Helena Rathbone and Satu Vänskä who the ACO and joined the ensemble full-time in December. led full national tours, Aiko Goto who brought her tireless spirit and of energy to our newly formed youth orchestra – thethe On behalf my fellow musicians in the ACO, I want to express biggest debt of gratitude to our audiences overcurated the country, ACO Academy, and to Timo-Veikko Valveallwho an and when we tour internationally, overseas, in forPier their receptiveness, their intimate series of chamber concerts 2/3 at Walsh Bay. open-mindedness and the trust they put in us to bring them honest and sincere music-making. You are our reason.

RICHARD TOGNETTI ao RICHARD TOGNETTI AO Artistic Director Artistic Director

eve of Dawn Upshaw’s Australian tour of Winter Morning Walks. 2013 ANNUAL REPORT

2014 ANNUAL REPORT

concerts in Berkeley, California, featuring the US premiere of Brett Dean’s Electric Preludes. This was preceded by a significant residency at the Hong Kong Arts Festival, which comprised two sold-out performances of The Reef and two concerts of more traditional repertoire.

Action Plan, which included a review of our website to increase its accessibility for visually impaired users. We also introduced a new project of music and movement classes bringing together people with disability and musicians of the ACO in a series of Saturday morning classes in the ACO Studio, all under the guidance of our Access Co-ordinator Dean Watson.

General Manager’s Report

At home, the ACO expanded its domestic performance season. In response to audience development opportunities in both Sydney and Melbourne, the Orchestra added a new series in each city. In Sydney, in order to serve an audience for daytime performances in the more intimate of our two Sydney venues, we launched a new weekday matinee series at the City Recital Hall, Angel Place, with a seven concert package on Friday afternoons at 1:30pm. While this series was expected to take three years to build up its audience base, it proved to be attractive to a growing number of audience members during its first season, exceeding budget While the Australian Chamber Orchestra was fully occupied expectations and making a net contribution of $76k. performing 85 concerts all over the country and touring internationally, contact with Murdoch regional Australia was stronger With the openingour of the Elisabeth Hall at the than ever. Melbourne Recital Centre in 2009, Melbourne became home to one of the finest halls for chamber music and chamber ACO 2, our Emerging Artists’ and regional touring ensemble, orchestra repertoire in the country. Based on the ACO’s performed in Canberra (where it was the orchestra-in-residence experience of presenting at Angel PlaceFestival), in Sydney since theNSW, in at the Canberra International Music in regional hall’s very first season, it was clear that the Melbourne regional Western Australia, and throughout Tasmania.Recital Norwegian Centre would similarly developdirected its own audience for this kind violinist Henning Kraggerud a superb program titled of Northern music andLights, that the ACO would have natural home in receiving the Southern Skies on thea Tasmanian tour, hall, in addition to the Orchestra’s existing series of 14 concerts rapturous responses at every performance. in Hamer Hall in the Arts Centre Melbourne. A three-concert ACOwas VIRTUAL, interactive installation series createdour for immersive the ACO toand present in the digital Melbourne of the Orchestra, reached further into regional Australia, Recital Centre in 2013, with programs entirely different thanks to the generous of the Commonwealth Bank of Australia, from those on offersupport in the Hamer Hall series, increasing Aurizon, the Queensland Government (through Artsseries Queensland) our Melbourne presence to 17 concerts per year. The and the Minderoo Foundation. This is a perfect example attracted more than 400 subscribers in its first year (40% of of government, corporate and philanthropic support coming the hall’s capacity) and, with strong single ticket sales, endedtogether make something truly remarkable happen in regional Australia. thetoyear with an average paid attendance of more than 90%. By providing this enriching, powerful and educational experience forACO’s nearlyeducation 11,000 people in regional centres 2014,inACO VIRTUAL The program continued toingrow 2013, has contributed to a 60% increase in the ACO’s regional audience with the evolution of the Matraville Soldiers’ Settlement numbers and from is set atobasic, continue for several to program come. School project primary schoolyears music into an instrumental teaching program, with 12 children As part of our long-term commitment to disability access, we from the school receiving lessons from teachers funded unveiled ACO MOVE in 2014, under the direction of our Access through the ACO’s fundraising program and continuing to Coordinator Dean Watson. Dean is known to many ACO subscribers interact with members of the ACO through visits by ACO and ticket-buyers as the playful and friendly voice of our Box Office, musicians throughoutasthe year, access to andancer, ACO open but his background a classically trained as well as his rehearsal a visit to ACO VIRTUAL when it was personaland commitment to providing meaningful arts installed programs to at people the Sydney Opera House. with disability, have made him a great asset to the ACO.

2013 was the first full year of the ACO’s Principal Partner relationship with Virgin Australia, and the musicians have greatly appreciated the quality of Virgin Australia’s service during a full year of national touring, which sees each ACO musician flying 50,000km within Australia annually. It is a privilege for the whole organisation to work with such a vibrant and dynamic corporate partner and we look forward to developing this relationship further in coming years. Underpinning annual program is the vitally important to follow suitthe andACO’s search for more historic instruments to enhance government funding which the Orchestra receives both from the ACO sound. An anonymous couple joined us on a remarkable the Federal via instrument the Australia and from journey toGovernment, find the perfect forCouncil, our Principal Violathe Chris NSW Government through Arts NSW. Both funding agencies Moore. The benchmark was set very high because Chris’s own are wonderfully partners, providing not only financial instrument is asupportive powerful and expressive Australian-made viola by support, butwhich highlyholds valued advice and AE Smith, itspolicy own against someweofare theimmensely world’s most grateful to them for their commitment the ACO. tested a large celebrated instruments. Chris and ourto benefactors number of great instruments, but when a 1610 Maggini was brought One of the challenges for the company as we entered 2013 to Australia for testing, it silenced the competition. was the prospect of long periods of leave to be taken several key of the grateful senior management, owinggenerous to maternity Wemembers are immensely to our enormously and orfar-sighted long servicebenefactors leave entitlements. In covering these critical for bringing this extraordinarily beautiful positions, we were extremely to attract three and ancient instrument into fortunate the ACO, where it joins its peers such outstanding colleagues, Colvinbass, (as Acting Development as the 1585new Gasparo da SalòJill double the 1721 and 1728 Guarneri cellos, theRebecca two violins of the(as ACO Instrument Fund (the 1728/29 Manager), Noonan Acting Corporate Relations Stradivari and the 1714 Guarneri), the Commonwealth Manager) and Phillippa Martin (as Acting Education andBank’s 1759 Guadagnini and the magnificent Guarneri Gesù which Emerging Artists Manager), all of whom1743 brought greatdel expertise Richard plays. By year’s end, eight of the ACO’s 17 musicians were to the ACO in their fields of specialisation. playing on instruments of true historic significance and exquisite Intonal a veryquality. successful year for the ACO, I express my profound gratitude to all of my colleagues in the administration who not Thebring Orchestra’s most vocalskill fanclub is its management team and only their tremendous and energy to the Orchestra, I salute my colleagues in administration for their dedication and but are a pleasure to work with. professionalism throughout 2014. While it is a great pleasure And thattoall of my management and I share andI know privilege work behind the scenescolleagues for the Australian a limitless the artistryrequires of Richard Tognetti and Chamberenthusiasm Orchestra, itfor nevertheless a degree of selfless the ACO’s splendid bandoutside of musicians never cease dedication, lots of time regularwho office hours and to frequent inspire us every theythe play. calls above andtime beyond duty statement. I am proud to lead an administration which never hesitates to run that extra mile.

ACO MOVEexpanded is a seriestoofinclude dance and workshops for young The program Ourmusic Lady of Mt Carmel people with disability, each of which is accompanied by an the ensemble Primary School in Waterloo, Sydney, where we worked with of ACO musicians, giving the participants not only the chance Australian Children’s Music Fund to bring ACO musicians into to get TIMOTHY CALNIN to know the unique qualities and expressive power of the stringed TIMOTHY CALNIN the school to inspire the same kind of musical, academic and instruments, but the players as well. General GeneralManager Manager In ANNUAL his Chairman's 2013 REPORTreport, Guido Belgiorno-Nettis has mentioned

the success of the ACO Instrument Fund during 2014. As well as the highly successful ACO Instrument Fund, several private benefactors have, over the years, bought extraordinary instruments for use by ACO Musicians, making a distinctive contribution to the ACO sound. Peter Weiss, a long-time supporter and friend of the Orchestra, is the flag-bearer for this enlightened form of philanthropy and has inspired several other anonymous supporters

2014 ANNUAL REPORT

National Concert Season DAWN UPSHAW, ELGAR & GRIEG 7–24 Feb JOHN ADAMS Selections from John’s Book of Alleged Dances EINOJUHANI RAUTAVAARA Die Liebenden: Liebes Lied GRIEG Solveig’s Song GRIEG Holberg Suite MARIA SCHNEIDER Winter Morning Walks (Australian Premiere) ELGAR Introduction and Allegro – Helena Rathbone Lead Violin Dawn Upshaw Soprano Scott Robinson Alto & Bass Clarinet Jay Anderson Double Bass Frank Kimbrough Piano

“Under Rathbone’s taut direction the orchestra hit every mood instantly, producing a bracingly big sound when necessary ... This terrific concert was much more than a star vehicle. Everybody shone.” LIMELIGHT MAGAZINE

“No gimmicks. No tricks. No controversies. Just a program of superlative music, played and sung by superlative musicians.” DAILY REVIEW

“(Grieg’s Holberg Suite) gets a full, lush, romantic rendering in this attractive version by the Australian Chamber Orchestra, at once passionate yet delicate, committed yet sensitive.” THE SYDNEY MORNING HERALD

Brisbane Mon 17 Feb 8pm Canberra Fri 7 Feb 8pm Melbourne – Arts Centre Sun 23 Feb 2.30pm, Mon 24 Feb 8pm Perth* Wed 19 Feb 7.30pm Sydney – City Recital Hall Angel Place Tue 11 Feb 8pm, Wed 12 Feb 7pm, Fri 14 Feb 1.30pm, Sat 15 Feb 7pm Sydney Opera House Sun 9 Feb 2pm Wollongong Fri 21 Feb 7.30pm *Presented in association with Perth International Arts Festival

2014 ANNUAL REPORT

National Concert Season HAYDN & ITALIAN CELLO 12 Apr – 6 May RESPIGHI Ancient Airs and Dances: Suite No.3 BOCCHERINI Cello Concerto in G GIOVANNI SOLLIMA L.B. Files (Australian Premiere) HAYDN Cello Concerto in C VERDI (arr. for string orchestra) String Quartet – Richard Tognetti Director & Violin Giovanni Sollima Cello

“Giovanni Sollima plays the cello emulating one possessed, pursuing musical moments like a mad seducer ... He plays with hyperactive energy and deft virtuosity” THE SYDNEY MORNING HERALD)

“It was a pleasure then to catch a maverick in full flight performing with the Australian Chamber Orchestra – a band not averse to a bit of provocative action themselves.” LIMELIGHT MAGAZINE

Adelaide Tue 6 May 8pm Brisbane Mon 14 Apr 8pm Canberra Sat 12 Apr 8pm Melbourne – Arts Centre Sun 4 May 2.30pm, Mon 5 May 8pm Newcastle Mon 28 Apr 7.30pm Perth Wed 16 Apr 7.30pm Sydney – City Recital Hall Angel Place Tue 29 Apr 8pm, Wed 30 Apr 7pm, Fri 2 May 1.30pm, Sat 3 May 7pm Sydney Opera House Sun 13 Apr 2pm NATIONAL TOUR PARTNER

2014 ANNUAL REPORT

National Concert Season TIMELINE 19 May – 4 Jun Part I: Big Bang–1900 Part II: 1900–1945 Part III: 1945–2000 Part IV: 2000–2014 HAMILTON/MOYES/TOGNETTI Continuum (World Premiere) – Richard Tognetti Director & Violin Featuring The Presets Ignatius Jones Director Graham Ross Vocal Director Concept by Richard Tognetti

“ As the tempo of the tracks picked up, the ACO transformed from a serious classical orchestra into a smiling group moving along to the beat and showcasing an impressively wide range of playing styles.” THE MUSIC

“It made no sense on paper ... and yet, in the flesh seemed to tell a story that may well have explained everything.” THE SYDNEY MORNING HERALD

“Seeing Tognetti in full flight during Bach’s Brandeburg Concerto ... is awe‐inspiring. A slave’s field call breaking into Beethoven’s Ninth Symphony is oddly brilliant and the orchestra going hell‐for‐leather on Iggy and the Stooges’ I Wanna Be Your Dog is a sight to behold.” THE GUARDIAN

Adelaide Tue 3 Jun 8pm Brisbane Mon 26 May 8pm Melbourne – Arts Centre Sun 1 Jun 2.30pm, Mon 2 Jun 8pm Perth Wed 4 Jun 7.30pm Sydney – City Recital Hall Angel Place Tue 20 May 8pm, Wed 21 May 7pm, Fri 23 May 1.30pm, Sat 24 May 7pm Sydney Opera House Sun 25 May 2pm, Thu 29 May 7pm Wollongong Mon 19 May 7.30pm PRINCIPAL PARTNER

Sydney Opera House performances of Timeline were presented in partnership with Vivid LIVE, part of the Vivid Sydney festival of light, music and ideas.

2014 ANNUAL REPORT

National Concert Season MAHLER 4 & SIBELIUS 6 16–29 Jun SIBELIUS Symphony No.6 MAHLER Symphony No.4 – Richard Tognetti Director & Violin Kiera Duffy Soprano

“ Augmenting the core ensemble were an excellent international and local contingent of strings, wind, brass, harp and percussion, with 55 musicians on stage for Mahler’s Fourth Symphony.” THE AGE

“ Tognetti goes for broke, calling upon full throttle from the players.” DAILY REVIEW

Adelaide Tue 24 Jun 8pm Brisbane Mon 16 Jun 8pm Canberra Sat 21 Jun 8pm Melbourne – Arts Centre Sun 22 Jun 2.30pm, Mon 23 Jun 8pm Sydney – City Recital Hall Angel Place Tue 17 Jun 8pm, Wed 18 Jun 7pm, Fri 27 Jun 1.30pm, Sat 28 Jun 7pm Sydney Opera House Sun 29 Jun 2pm NATIONAL TOUR PARTNER

2014 ANNUAL REPORT

National Concert Season PIANO QUINTETS 10–23 Jul LUTOSLAWSKI Subito SHOSTAKOVICH Piano Quintet DVOŘÁK Piano Quintet in A, Op.81 – Satu Vänskä Violin Rebecca Chan Violin Christopher Moore Viola Timo-Veikko Valve Cello Paavali Jumppanen Piano

“... offered an opportunity to see several prized possessions of the Australian Chamber Orchestra’s instrument catalogue.”

Adelaide Tue 22 Jul 8pm

“... astonishingly fine musicianship ...”

Melbourne Recital Centre Mon 21 Jul 8pm

THE AGE

THE WEST AUSTRALIAN

“Visiting Finnish pianist Paavali Jumppanen played the opening with extrovert flamboyance, leading to rhapsodic textures when joined by the four members of the Australian Chamber Orchestra: Satu Vänskä, Rebecca Chan, Christopher Moore and Timo-Veikko Valve.” THE SYDNEY MORNING HERALD

Canberra Sat 19 Jul 8pm

Newcastle Thu 17 Jul 7.30pm Perth Wed 23 Jul 7.30pm Sydney – City Recital Hall Angel Place Fri 11 Jul 1.30pm, Sat 12 Jul 7pm, Tue 15 Jul 8pm, Wed 16 Jul 7pm Wollongong Thu 10 Jul 7.30pm NATIONAL TOUR PARTNER

2014 ANNUAL REPORT

National Concert Season INTIMATE LETTERS 18 Aug – 2 Sep MOZART Divertimento in F, K.138 SMETANA (arr. for string orchestra) String Quartet No.1 “From My Life” JANÁČEK (arr. Valve) String Quartet No.2 “Intimate Letters” – Gordan Nikolic Guest Director & Violin Peter Evans Co-Artistic Director, Bell Shakespeare Susanna Dowling Assistant Director, Bell Shakespeare Nicholas Rayment Lighting Designer With Marshall Napier and Ella Scott Lynch Concept by Timo-Veikko Valve

“Like the breeze filling a grove of young, supple trees, Mozart’s Divertimento in F major, K.138 came to life in the hands of the Australian Chamber Orchestra.” THE CANBERRA TIMES

“... they played with their usual polished and mature quality and all the expressive nuance available to musicians with a vast technical palette.” THE HERALD SUN

“Timo-Veikko Valve’s arrangement beautifully retains the spirit of the original quartet, which featured excellent solo work from Christopher Moore’s viola.” THE BRISBANE TIMES

Intimate Letters NATIONAL CONCERT SEASON 2014 ACO PARTNERS: PRINCIPAL PARTNER

NATIONAL TOUR & FOUNDING PARTNER

Adelaide Tue 2 Sep 8pm Brisbane Mon 18 Aug 8pm Canberra Sat 23 Aug 8pm Melbourne – Arts Centre Sun 31 Aug 2.30pm, Mon 1 Sep 8pm Newcastle Wed 20 Aug 7.30pm Sydney – City Recital Hall Angel Place Tue 26 Aug 8pm, Wed 27 Aug 7pm, Fri 29 Aug 1.30pm, Sat 30 Aug 7pm Sydney Opera House Sun 24 Aug 2pm NATIONAL TOUR PARTNER

2014 ANNUAL REPORT

National Concert Season TOGNETTI IN RECITAL

Tognetti in Recital

25 Aug ARVO PÄRT Fratres PROKOFIEV Five Melodies: Selections PROKOFIEV Violin Sonata No.2 DEBUSSY Violin Sonata BEETHOVEN Violin Sonata No.10 in G – Richard Tognetti Violin Steven Osborne Piano PRINCIPAL PARTNER

“Both Tognetti and Osborne are acknowledged masters of their instruments. Together they produced some of the most thoughtful and engaging music heard this year.”

Melbourne Recital Centre Mon 25 Aug 8pm

THE AGE

“... an eclectic program of revealing and reflective works by Arvo Pärt, Prokofiev, Debussy and Beethoven.” THE AUSTRALIAN

“... spry technique, refined and lucid – expression and an unimpeachable, stylistically astute interpretative approach.” THE AUSTRALIAN ON STEVEN OSBORNE

2014 ANNUAL REPORT

National Concert Season TOGNETTI’S BEETHOVEN 26 Oct – 3 Nov

BEETHOVEN Coriolan – Overture BEETHOVEN Triple Concerto JONNY GREENWOOD Water (Australian Premiere) BEETHOVEN Symphony No.1 – Richard Tognetti Director & Violin Timo-Veikko Valve Cello Yevgeny Sudbin Piano

“ A highly charged energetic exchange grew between the orchestra reaching out to the responsive capacity audience.” THE CANBERRA TIMES

“ ... the tone generated by the ACO here succeeded in sounding as colossal, concentrated and confronting as a much bigger ensemble. I rather think Beethoven would have been impressed.” THE WEST AUSTRALIAN

Canberra Sat 1 Nov 8pm Melbourne – Arts Centre Sun 26 Oct 2.30pm, Mon 27 Oct 8pm Perth Wed 29 Oct 7.30pm Sydney Opera House Sun 2 Nov 2pm, Mon 3 Nov 8pm NATIONAL TOUR PARTNER

2014 ANNUAL REPORT

National Concert Season MARWOOD’S SERENADE

Marwood’s Serenade NATIONAL CONCERT SEASON 2014

14–30 Nov STRAVINSKY (arr. Ledger) Divertimento DVOŘÁK Serenade for Strings, Op.22 ENESCU (arr. for string orchestra) Octet for strings, Op.7 – Anthony Marwood Guest Director & Violin

“ ... Marwood performed with virtuosic brilliance and sweet‐toned charm.” THE AUSTRALIAN

“ ... under the steely intensity of guest leader Anthony Marwood’s direction, the ACO strings produced a rewarding and richly resonant sound ...” THE SYDNEY MORNING HERALD

“ Many listeners, on hearing the Romanian‐born composer’s music for the first time wonder why it is not played more often, as judging by the cheers and standing ovation, seemed to be the case here.” THE SYDNEY MORNING HERALD

2014 ANNUAL REPORT

Adelaide Tue 18 Nov 8pm Brisbane Mon 24 Nov 8pm Melbourne – Arts Centre Sun 16 Nov 2.30pm, Mon 17 Nov 8pm Newcastle Thu 27 Nov 7.30pm Sydney – City Recital Hall Angel Place Fri 14 Nov 1.30pm, Wed 19 Nov 7pm, Sat 22 Nov 7pm, Tue 25 Nov 8pm Sydney Opera House Sun 30 Nov 2pm Wollongong Thu 20 Nov 7.30pm

National Concert Season

Paganini/ Tognetti NATIONAL CONCERT SEASON 2014

PAGANINI/ TOGNETTI 10 Dec KILAR Orawa JS BACH (arr. Tognetti) Preludio from Partita No.3 in E major, BWV1006 PAGANINI (arr. Tognetti) Caprice No.5 in A minor PENDERECKI String Quartet No.1 (excerpts) HINDEMITH Trauermusik TOGNETTI Deviance (on Paganini’s Caprice No.24) SCHUBERT Quartettsatz in C minor, D.703 TOGNETTI Caprice on Caprices (DEVA) For 3 Violins & Strings with Ike See PAGANINI (arr. Kreisler/Walker) La Campanella BEETHOVEN (arr. Tognetti) Finale from Violin Sonata No.9 in A major, Op.47 ‘Kreutzer’ MOZART (arr. Tognetti) Hell’s Vengeance Boils in My Heart from The Magic Flute, 12.620 – Richard Tognetti Director & Violin Satu Vänskä Violin Christopher Moore Viola

“There’s more than a little of the devil about Richard Tognetti’s playing, so it seems fitting that his celebrated violin was once owned and played by the legendary Paganini himself.”

Melbourne Recital Centre Wed 10 Dec 8pm

THE SYDNEY MORNING HERALD

“Moore’s warm and intense tone coupled with exquisitely shaped dynamics and generous phrasing to carry the work forward as a single, undulating narrative of regal carriage and sighed lament.” THE AUSTRALIAN

“... principal violinist Satu Vänskä provided the solo violin highlight with a clear, bright account of Paganini’s La Campanella.” THE AUSTRALIAN

2014 ANNUAL REPORT

Special Events TOGNETTI IN RECITAL

Tognetti in Recital

22 Aug ARVO PÄRT Fratres PROKOFIEV Five Melodies: Selections PROKOFIEV Violin Sonata No.2 DEBUSSY Violin Sonata BEETHOVEN Violin Sonata No.10 in G – Richard Tognetti Violin Steven Osborne Piano PRINCIPAL PARTNER

“Both Tognetti and Osborne are acknowledged masters of their instruments. Together they produced some of the most thoughtful and engaging music heard this year.”

The Arts Centre Gold Coast Fri 22 Aug 7.30pm

THE AGE

“... an eclectic program of revealing and reflective works by Arvo Part, Prokofiev, Debussy and Beethoven.” THE AUSTRALIAN

“... spry technique, refined and lucid – expression and an unimpeachable, stylistically astute interpretative approach.” THE AUSTRALIAN ON STEVEN OSBORNE

2014 ANNUAL REPORT

Special Events STEVEN OSBORNE IN RECITAL ,, 23 Aug

PRESENTS

MESSIAEN Vingt regards sur l’enfant–Jésus – Steven Osborne Piano

Steven Osborne in Recital Saturday 23 August, 7.30pm Verbrugghen Hall Sydney Conservatorium of Music

“In a spellbinding performance ... playing the full cycle over 21⁄4 hours with no more break than it takes to turn the page. It was not, however, the stamina of fingers, but the tireless musical focus, and the fine differentiation of colour, timbre and textural layer, that defined the experience.”

Verbrugghen Hall, Sydney Conservatorium Sat 23 Aug 7.30pm

THE SYDNEY MORNING HERALD

“... the sense of communion that he generated over two hours where time frequently seemed to stand still. Another musical experience to tick off my ‘before I die’ list.” LIMELIGHT MAGAZINE

2014 ANNUAL REPORT

Special Events TARRAWARRA FESTIVAL 5–6 Apr TarraWarra Museum of Art

SOLITUDE & VARIATIONS

MASTERCLASS

JS BACH Suite in G major, BWV1007 MOZART Divertimento in B-flat major, K.137 JS BACH Violin Sonata No.1 in G minor, BWV1001: Siciliana BRITTEN Variations on a Theme of Frank Bridge, Op.10 – Richard Tognetti Director & Violin Timo-Veikko Valve Cello

SHOSTAKOVICH String Quartet No. 9: Selections – Quartet Masterclass was led by ACO Principal Cello Timo-Veikko Valve, featuring students from the Australian National Academy of Music. Sun 6 Apr 9.30am

Sat 5 Apr 12.30pm

INTIMACY & INTERDEPENDENCE

EMOTION & ILLUSTRATION

BOCCHERINI String Quintet No.91 in C minor DOWLAND Lachrimae Antiquae WAGNER (arr. Gürtler) Prelude to Tristan und Isolde JS BACH A Musical Offering, BWV1079: Ricercar a 6 PROKOFIEV (arr. Barshai) Visions Fugitives BACH Brandenburg Concerto No.3 BWV1048 – Richard Tognetti Director & Violin

SHOSTAKOVICH String Quartet No.9 VIVALDI The Four Seasons: Winter VIVALDI The Four Seasons: Spring JS BACH Violin Sonata No.2 in A Minor, BWV1003: Andante TCHAIKOVSKY Serenade for Strings – Richard Tognetti Director & Violin

Sat 5 Apr 6pm

Sun 6 Apr 2pm

EVENT PARTNER

2014 ANNUAL REPORT

Special Events VASSE FELIX FESTIVAL 12–14 Dec Vasse Felix, Margaret River

ACO UNDERGROUND WEILL (arr. Tognetti/Meurant) Alabama Song NINE INCH NAILS (arr. Tognetti) Something I Can Never Have RADIOHEAD (arr. Tognetti) How to Disappear Completely DAVID BOWIE (arr. Tognetti) The Man Who Sold The World YOUMANS Tea for Two JS BACH (arr. Tognetti) Preludio from Partita No.3 in E major, BWV1006 JONNY GREENWOOD Prospector’s Quartet PENDERECKI String Quartet No.1 (excerpts) SCHNITTKE String Quartet No.2 (excerpt) TRADITIONAL (arr. Robinson) Waterboy FELDMAN Rothko Chapel (excerpt) – Richard Tognetti Director & Violin Satu Vänksä Voice & Violin Glenn Christensen Violin Christopher Moore Viola & Theremin Julian Thompson Cello Maxime Bibeau Double Bass Jim Moginie Guitar (Midnight Oil) Brian Ritchie Bass Guitar (Violent Femmes) Joseph Nizeti Electronics/keyboard Fri 12 Dec 7pm

TOGNETTI Caprice on Caprices (DEVA) PAGANINI (arr. Tognetti) Caprice No.5 in A minor PAGANINI (arr. Kreisler/Walker) La Campanella HAYDN Violin Concerto in C major KILAR Orawa HINDEMITH Trauermusik PENDERECKI String Quartet No.1 (excerpts) SZYMANOWSKI (arr. Tognetti) Vivace from String Quartet No.2 BEETHOVEN (arr. Tognetti) Finale from Violin Sonata No.9 in A major, Op.47 ‘Kreutzer’ – Richard Tognetti Director & Violin Satu Vänskä Violin Christopher Moore Viola Sat 13 Dec 4.30pm

MUSTONEN Nonet No.2 PÄRT Fratres SCHUBERT Quartettsatz in C minor, D.703 MOZART (arr. Tognetti) Hell’s Vengeance Boils in My Heart from The Magic Flute, K.620 MOZART (arr. Moore) Sinfonia Concertante in E-flat major, K.364 – Richard Tognetti Director & Violin Satu Vänskä Violin Christopher Moore Viola Sun 14 Dec 3pm

2014 ANNUAL REPORT

Special Events ACO IN A NIGHT OF NIGHTS

ACO AT THE GREAT SYNAGOGUE

25 Feb

21 Aug

VIVALDI Concerto in G minor for 2 Cellos, RV 531 BLOCH From Jewish Life WEILL (arr. Grandage) Tango-Habanera, “Youkali” MOZART Violin Concerto No.2 in D major, Movts 2 & 3 ELGAR Serenade for strings in E minor, Op.20 – Helena Rathbone Violin & Leader Timo-Veikko Valve Cello Julian Thompson Cello

HAYDN Concerto for Violin in C major JS BACH Concerto for Two Violins in D minor BLOCH From Jewish Life TCHAIKOVSKY Souvenir de Florence (excerpts) – Richard Tognetti Director & Violin Helena Rathbone Violin Timo-Veikko Valve Cello

Melbourne Hebrew Congregation Tue 25 Feb 7pm LEAD PARTNER

The Great Synagogue, Sydney Thu 21 Aug 7pm CORPORATE PARTNERS Adina Apartment Hotels PATRONS David and Helen Baffsky Leslie and Ginny Green The Narev Family

Meriton Group

Greg and Kathy Shand Peter Weiss AO

PRESENTED BY

PATRONS Marc Besen AC and Eva Besen AO The Eddie and Helen Kutner Family The Sam and Minnie Smorgen Family

2014 ANNUAL REPORT

International Tours NORTH AMERICAN TOUR 13–24 Mar

BACH A Musical Offering, BWV1079 BOCCHERINI String Quintet No.91 in C minor Op.45/1, G355 DOWLAND Lachrimae Antiquae WAGNER (arr. Gürtler) Vorspiel zu Tristan und Isolde

ACO UNDERGROUND

SHOSTAKOVICH Scherzo for string octet, Op.11 PROKOFIEV (arr. Barshai/Tognetti) Visions fugitives, Op.22 PROKOFIEV (arr. Joseph Swensen) Five Melodies for violin and strings BRITTEN Variations on a Theme of Frank Bridge, Op.10 Richard TOGNETTI Mountain – Richard Tognetti Director & Violin ACO

Anthony PATERAS An Island Off An Island Off An Island Richard TOGNETTI Sea Drift, after Seeger STRAVINSKY Three Pieces for string quartet: III. Canticle PAGANINI (arr. Tognetti) Caprice No.5 GESUALDO (arr. Tognetti) Asciugate i begli occhi Jonny GREENWOOD Prospector’s Quartet Johnny HOLLÄNDER (orch. Iain Grandage) Wenn ich mir was wünschen dürfte BACH (arr. Tognetti) Canons on a Goldberg Ground, BWV1087 WEBERN Five Movements for string quartet: III. Sehr lebhaft NIRVANA (arr. Tognetti) Milk It SHOSTAKOVICH String Quartet No.8 HASSLER (arr. Tognetti) Finnish Hymn: Oi rakkain Jeesukseni NINE INCH NAILS (arr. Tognetti) Something I Can Never Have – Richard Tognetti Director & Violin Satu Vänksä Voice & Violin Christopher Moore Viola Julian Thompson Cello Maxime Bibeau Double Bass Jim Moginie Guitar Brian Ritchie Bass Guitar Jacob Greenberg Piano

Rolston Recital Hall, The Banff Centre, Banff, Canada Fri 14 Mar 7.30pm

The Club, The Banff Centre, Banff, Canada Sat 15 Mar 10pm

Cascade Plaza, The Banff Centre, Banff, Canada Thu 13 Mar 1pm

MENDELSSOHN String Quartet in E minor, Op.44, No.2 OLLI MUSTONEN Nonet No.2 MacLab Bistro, The Banff Centre, Banff, Canada Fri 14 Mar 11am

Le Poisson Rouge, New York, USA Thu 20 Mar 7.30pm

MENDELSSOHN String Quartet No.4 in E minor, Op.44, No.2 MENDELSSOHN Octet for strings in E flat major, Op.20 Frances Bedford Concert Hall, University Wisconsin, Parkside, Kenosha, USA Wed 19 Mar 12pm

2014 ANNUAL REPORT

International Tours

MASTERCLASS FOR CIVIC ORCHESTRA OF CHICAGO, MUSICIANS & CSO CITIZEN MUSICIANS ACO Performance: MENDELSSOHN String Octet in E-flat major, Op.20 Side-by-side session: TCHAIKOVSKY Serenade for strings in C major, Op.48, movts I & II ELGAR Introduction and Allegro, Op.47 Bunrock Hall, Symphony Center, Chicago, USA Thu 20 Mar 3.30pm

SHOSTAKOVICH Prelude and Scherzo for string octet, Op.11 PROKOFIEV (arr. Barshai/Tognetti) Visions fugitives, Op.22 SHOSTAKOVICH Piano Concerto No.1 in C minor, Op.35 PROKOFIEV (orch. Joseph Swensen) Five Melodies for violin and strings BRITTEN Variations on a Theme of Frank Bridge, Op.10 – Richard Tognetti Director & Violin Olli Mustonen Piano Christopher Martin Trumpet ACO Orchestra Hall, Chicago, USA Sun 23 Mar 3pm

PROKOFIEV (arr. Barshai/Tognetti) Visions fugitives, Op.22 SHOSTAKOVICH Piano Concerto No.1 in C minor, Op.35 SHOSTAKOVICH Prelude and Scherzo for string octet, Op.11 TCHAIKOVSKY Serenade for strings in C major, Op.48 – Richard Tognetti Director & Violin Olli Mustonen Piano Christopher Martin Trumpet ACO

ACO UNDERGROUND AT THE CLUB, THE BANFF CENTRE, BANFF, CANADA, 15 MAR

Stephens Auditorium, Ames, Iowa, USA Mon 24 Mar 7.30pm

2014 ANNUAL REPORT

International Tours EUROPEAN TOUR 28 Sep–12 Oct MOZART Piano Concerto No.13 in C major, K.415 HAYDN Symphony No.83 in G minor “La Poule” – Richard Tognetti Artistic Director & Lead Violin Kristian Bezuidenhout Piano Concertgebouw, Amsterdam, The Netherlands Sun 28 Sep 11am

TCHAIKOVSKY Souvenir de Florence (selections) HAYDN Violin Concerto in C major (selections) DEBUSSY (arr. Moore) Beau Soir DEBUSSY (arr. Tognetti) The Girl with the Flaxen hair – Richard Tognetti Director & Violin Private Performance – The Australian Embassy, Paris, France Wed 1 Oct 7.45pm

HAYDN Symphony No.83 in G minor “La Poule” MOZART Piano Concerto No.27 in B-flat major, K.595 Jonny GREENWOOD Water (World Premiere) TCHAIKOVSKY Souvenir de Florence, Op.70 – Richard Tognetti Director & Violin Steven Osborne Piano The National Concert Hall, Dublin, Ireland Thu 2 Oct 8pm

HAYDN Symphony No.83 in G minor “La Poule” MOZART Piano Concerto No.27 in B-flat major, K.595 Jonny GREENWOOD Water MOZART Symphony No.29 in A major, K.201 – Richard Tognetti Director & Violin Steven Osborne Piano Queen Elizabeth Hall, London, UK Sat 4 Oct 7.30pm

HAYDN Symphony No.83 in G minor “La Poule” MOZART Piano Concerto No.27 in B-flat major, K.595 Jonny GREENWOOD Water TCHAIKOVSKY Souvenir de Florence, Op.70 – Richard Tognetti Director & Violin Steven Osborne Piano Symphony Hall, Birmingham, UK Sun 5 Oct 3pm

HAYDN Symphony No.83 in G minor “La Poule” MOZART Piano Concerto No.13 in C major, K.415 WEBERN Five Movements for strings, Op.5 MOZART Symphony No.29 in A major, K.201 – Richard Tognetti Director & Violin Kristian Bezuidenhout Piano Philharmonie, Luxembourg Tue 7 Oct 8pm

HAYDN Symphony No.83 in G minor “La Poule” HAYDN Cello Concerto in C major MOZART Symphony No.29 in A major, K.201 MOZART Symphony No.40 in G minor, K.550 – Richard Tognetti Director & Violin Alisa Weilerstein Cello Alter Oper, Frankfurt, Germany Wed 8 Oct 8pm

HAYDN Symphony No.83 in G minor “La Poule” HAYDN Cello Concerto in C major WEBERN Five Movements for strings, Op.5 MOZART Symphony No.29 in A major, K.201 – Richard Tognetti Director & Violin Alisa Weilerstein Cello Philharmonie, Cologne, Germany Thu 9 Oct 8pm

NATIONAL TOUR PARTNER Xxxxx

MAXIME BIBEAU

2014 ACO ANNUAL REPORT

Education Report In 2014, 3,398 Australian primary and secondary school students participated in ACO Education events, involving 209 schools across Australia. STRING WORKSHOPS In 2014, we facilitated 14 string workshops across regional and metropolitan Australia. During these workshops, students had the opportunity to become part of the ACO for the day, sitting beside ACO musicians and learning what it feels like to play in a chamber orchestra. At the end of the workshops, the ACO and the students held informal performances for parents, friends, teachers and fellow students. Workshops were held in Adelaide, Brisbane, Canberra, Hobart, Melbourne, Sydney and Perth. Regionally, workshops were held in Albany (WA); Bellingen and Byron Bay (NSW); and Launceston (TAS). Special workshops were also held for strings students from the Jewish communities in Sydney and Melbourne as part of the ACO’s annual Synagogue series, and for the string section of the Victorian State Schools Spectacular Orchestra.

“ Amazing. The energy and enthusiasm of the ACO is fantastic and a joy to work with. Thank you so much!” CHARLOTTE MILES, MELBOURNE STRING WORKSHOP

SCHOOLS’ CONCERTS In 2014, ACO2 presented schools performances for 1,147 students in Nubeena and St Marys (TAS) and Bunbury, Katanning and Narrogin (WA). These interactive concerts introduced students to the magic of the string orchestra, inspiring and entertaining them while they learned about traditional and contemporary repertoire. Extensive resources accompanied the concerts. In addition to our regional activities, a special matinee performance for school students of the collaboration between the ACO and Bell Shakespeare was held at City Recital Hall Angel Place.

OPEN REHEARSALS FOR SCHOOL STUDENTS The ACO opened its doors to more than 50 students of all ages in 2014, with open rehearsals in Sydney, Bathurst (ACO2) and Chicago, USA.

2014 ANNUAL REPORT

DISCOUNTED TICKETS FOR SCHOOL GROUPS Three hundred students and teachers from 15 schools booked tickets through the ACO’s subsidised Schools’ Ticketing Program in 2014, receiving heavily discounted tickets and educational background material based on the repertoire and the school curriculum. Teachers were also able to access detailed free schools notes on the ACO website for each ACO program.

MATRAVILLE, SUNSHINE & WATERLOO PROGRAMS, IN ASSOCIATION WITH THE AUSTRALIAN CHILDREN’S MUSIC FOUNDATION (ACMF) In 2014, ACO musicians made two visits to the Soldiers’ Settlement Public School in Matraville in south-east Sydney, two visits to the Our Lady of Mount Carmel School (OLMC) in Waterloo, Sydney and one visit to the Sunshine Harvester Primary School in Melbourne, to support ACMF school music programs. ACO musicians performed short concerts and participated in music classes during their visits. These programs provide world-class music and performances to primary school children, firing their imaginations and providing the foundations for a lifelong appreciation of music at a crucial stage of their development. The ACMF has been running a weekly music program at the Soldiers’ Settlement Public School in Matraville for the last six years. Previously there was no music taught at the school. Each week, two talented ACMF teachers motivate over 400 children with a variety of different music techniques. Improvement in attendance has been evident. Teachers noticed a drop in truancy levels on ‘music’ days, especially when the ACO is visiting the school. OLMC students attended an ACO Open Rehearsal at the ACO Studio and were given the opportunity to talk and interact with the musicians. Students also appeared in the ACO/ACMF online lesson resource for primary teachers, filmed in July, and the student choir performed with ACO musicians at a special school concert in September.

SOLDIERS’ SETTLEMENT PUBLIC SCHOOL STRINGS PROGRAM, IN ASSOCIATION WITH ACMF In 2012, ACO and ACMF launched a string program at Matraville Soldiers’ Settlement School, inviting eight students to learn the violin and cello. In 2014 the number of students participating in this program increased to 16. Individual instrumental lessons, strings, music books and guidance from ACO musicians were provided to the selected Year 3 children, as well as opportunities to perform alongside ACO musicians and to attend ACO concerts with their parents and teachers. The children who are already participating in these programs have shown ongoing, consistent attendance. The Matraville String Group performed at the ACO’s Sydney Fundraiser at Sydney University alongside members of the ACO.

PICTON STRINGS PROGRAM RUN IN PARTNERSHIP WITH THE WOLLONDILLY SHIRE COUNCIL AND CLASSES AT PICTON The Picton Strings is an ensemble of school students from the Wollondilly Shire of NSW, led by talented local educator Katie Spicer. The ACO has been running a mentoring program with the Picton Strings since 2011. As part of this program, in 2014 ACO musicians facilitated a series of workshops and local performances for the Picton Strings. The program allows students to form meaningful and longlasting relationships with ACO players. In 2014 the ACO continued workshops with the Picton Juniors, an ensemble of primary school students in the Wollondilly Shire, who aim to graduate into the Picton Strings, come secondary school.

“Picton Strings was one orchestra, but since the ACO began this wonderful program we have grown to three orchestras plus a beginner program. The community has also had the opportunity to witness these amazing ACO musicians performing in our little town.” KATIE SPICER, DIRECTOR, PICTON STRINGS

PICTON MUSIC & ART In partnership with Picton Public School, during 2014 the ACO continued to bring music and visual art into the primary school classroom. American violinist Sharon Roffman and local visual artist Melissa Wheeler combined forces to teach students about the different influences that shape music and art, then helped them to express their ideas through visual art. The students’ artworks were showcased at local community events. These inspirational classes included a combination of classroom teaching, Skype and pre-recorded video lessons took place on a regular basis throughout the year. Via Skype, students were able to travel with Sharon and meet other international touring musicians as she performed in Europe and America.

ACO ACADEMY, 2014

2014 ANNUAL REPORT

ACO MOVE WORKSHOPS & OPEN REHEARSAL FOR STUDENTS WITH DISABILITY ACO MOVE workshops for students with disability in Years 10–12 inspire the development of movement to classical music. Using images and props to inspire conversation over the course of five 3-hour workshops, participants are encouraged to communicate personal experiences and stories to create movement from their dialogue. In December 2014, 20 students with disability attended a private rehearsal with the ACO, where they were invited to sit within the orchestra, feel the instruments and dance to the music. These programs are part of the ACO's Disability Action Plan.

ACO ACADEMY The 2014 ACO Academy saw the most talentend secondary school-aged string players from across Australia participate in an intensive week of rehearsals in Melbourne; a chamber music concert at Iwaki Auditorium at the ABC Southbank Centre; and a public performance at The Melbourne Recital Centre. The energy and dedication of the ACO musicians involved in the Academy was infectious and this was passed on to the students:

“For students such as Liam, who have limited access to regular musical extension opportunities due to living in a small regional rural area, attending the Academy was a real privilege providing him with a wealth of knowledge and experience, and motivating him to continue on a musical journey!” ACO ACADEMY PARENT

ACO Academy program, featuring violin soloist Grace Clifford: CORELLI Concerto grosso in D major, Op.6, No.7 SAINT-SAËNS (arr. Tognetti) Introduction and Rondo capriccioso, Op.28 TARTINI (arr. Wilson) Violin Concerto in D major BRITTEN Simple Symphony VERESS Dobbantos from Four Transylvanian Dances TRAD (arr. Kuusisto) Antin Mikko

TARRAWARRA MASTERCLASS In May 2014, a quartet from the Australian National Academy of Music took part in a masterclass led by ACO Principal Cellist, Timo-Veikko Valve, as part of the 2014 TarraWarra Festival.

ARTS CONFERENCE FOR EDUCATORS (ACE) The ACO presented a workshop for 36 teachers in collaboration with the Australian Theatre for Young People (ATYP) as part of the annual ACE at the Sydney Opera House. ACE brought together Australia’s leading arts organisations, offering a premium professional development opportunity for primary school teachers. The ACE program fused theory with practice, offering inspiring key note presentations from industry leaders as well as practical sessions with staff from the Sydney Opera House, the Museum of Contemporary Art, Sydney Theatre Company, Bell Shakespeare, Sydney Dance Company and the ATYP. The conference provided delegates with a toolkit of practical skills to use immediately in the classroom, as well as the theoretical background and inspiration.

INDIGENOUS MUSIC COMPOSITION WORKSHOP AND COMPETITION Twelve secondary students participated in a composition workshop in Sydney with an inspiring didgeridoo player and composer William Barton and ACO musicians and then were encouraged to compose an original work for string orchestra (with optional percussion) that integrated ideas from Indigenous Australian culture. A free teaching kit, including video, based on compositions inspired by Indigenous music was provided to help teachers facilitate these original student compositions. The winner of the ACO 2014 Composition Competition will have their new work played by an ACO Quartet and workshopped by composer Cyrus Meurant.

“It was quite inspiring to be in such a close environment with these musicians. It was great to learn about many of the string techniques, listen to them being performed, and to find out about the inspiration behind he composers pieces.” GEORGIA ROBERTS, COMPOSITION WORKSHOP

PROJECT-BASED LEARNING SESSION Six teachers participated in a project-based learning (PBL) session with facilitator Pru Borgert. We invited teachers to challenge their classes to learn violin or cello, using YouTube and iPads to assist and ran this session in the same way PBL works in the classroom – hands-on, engaging, discovery based and fun.

“ It was fantastic! Inspiring and hands‐on. Very practical.” EVA SPATA, TEACHER

2014 ANNUAL REPORT

Disability Action Plan In 2012, the ACO made a strong and public commitment to improving access to the ACO for people with disability, by embarking on an ambitious three-year plan. 2014 was the third and final year of the implementation of the ACO’s current Disability Action Plan. Under the guidance of the ACO’s Disability Advisory Committee, the ACO completed the biggest element of the Plan, which was the upgrading of the ACO website to increase its accessibility and to meet or exceed industry standards. This upgrade was based on a series of recommendations which came out of an audit of the ACO’s website by Inclusive UX, an independent external consultant on disability access to online services. Inclusive UX’s audit was conducted in the last quarter of 2013 and produced 23 recommendations of which the ACO was able to implement 18 during 2014, including improvements to the functionality of the website, the addition of subscript text to a large number of the ACO’s online music videos and video documentaries, and further refinements to increase accessibility for the hearing- and sightimpaired. Based on the implementation of the recommendations, the ACO will continue to work towards achieving an AA-rating from Inclusive UX for the quality of access provided in the ACO’s website. The year also saw the introduction of an exciting new dimension in the ACO’s commitment to people with disability. ACO MOVE is a movement and music program designed for young adults with disability. It involves a series of movement workshops in the

ACO Studio at Circular Quay in Sydney, with live music provided by musicians of the ACO. ACO Access Coordinator Dean Watson leads the workshops and coaches the participants through several stages resulting in an open, public workshop/performance. The overwhelmingly positive feedback from this series of workshops has encouraged the ACO to continue ACO MOVE in 2015 and beyond, bringing a unique experience to young people with disability and providing them with close access to ACO musicians, their instruments and their music. In November, the ACO conducted a survey of those audience members on the database who identify as having a disability. The survey sought to understand the issues faced and to identify areas on which the ACO can work in the next three-year plan to improve access for its audience members, encompassing all people with disability. Towards the end of 2014, the Disability Advisory Committee turned its attention to a new three-year plan which will sustain and drive the ACO’s commitment to providing arts access in the period 2015–17. The ACO is very grateful to Disability Advisory Committee members Morwenna Collett and Amanda Tink for their commitment to this project and to the ACO’s own Access Coordinator Dean Watson for this inventiveness and enthusiasm to create ACO MOVE.

ACO MOVE PARTICIPANTS AT THE ACO STUDIO, CIRCULAR QUAY

2014 ANNUAL REPORT

Instrument Fund Report 2014 was an exciting year for the ACO Instrument Fund (ACOIF), which saw the purchase in March of a second magnificent instrument – our 1714 Joseph Guarneri Filius Andreæ violin. Acquired by the Fund for $1,649,817, the violin was tested side-byside with the three other extraordinary violins played by the ACO – the 1743 Guarneri del Gesù on loan from an anonymous benefactor for Richard Tognetti to play; the 1759 Guadagnini on loan from the Commonwealth Bank; and the Fund’s own 1728/29 Stradivarius, played by Principal Violinist, Satu Vänskä. In the words of Timothy Calnin, ACO General Manager, the “new” instrument stood up “boldly, proudly and distinctively as a truly great violin from the golden age of Cremonese violin-makings”. A 1937 certificate of authentication from W.E. Hill & Sons describes the Guarneri violin in detail: “The back, in one piece, is of wood cut on the slab and marked by a broad, irregular curl, that of the sides, cut on the quarter by a handsome, small curl, the head being plain: the table is of pine of fine grain at centre, opening slightly on the flanks and the varnish, of an orange-red colour. This violin, in a fine state of preservation, is a handsome example of the maker’s work.” Several intimate, elegant, private events were held around Australia to introduce the Guarneri to our audiences. Prospective investors had the opportunity to hear it “up close and personal” at launch events held in Melbourne, Sydney and Perth throughout June. Concertgoers were treated to stunning solo performances by Rebecca Chan. The Guarneri also featured in news items on television and radio, in specialist press and web-based media. It is now being played by Violinist Mark Ingwersen. In May, the Directors of the ACOIF Board sought an updated valuation of the Fund’s two instruments. Having considered a recommendation from the ACO, the Board adjusted the valuation for an illiquidity discount, and arrived at a new unit price of $1.20, an increase of 5 cents per unit over the year. The increase is consistent with the Fund’s objective of achieving long-term capital gains from investment in high-quality stringed instruments. By the end of 2014, the Guarneri was well on the way to being fully funded, thanks to the generous support of our Patrons and the interest of several new investors – who now range from individuals and families to self-managed super funds and Private Ancillary Funds. We are looking forward in 2015 to building on the momentum that has been generated in the last few months. We are starting to think about identifying a third instrument for the Fund. This will take time and considerable research to ensure a worthy acquisition is made.

2014 ANNUAL REPORT

1714 JOSEPH GUARNERI FILIUS ANDREÆ VIOLIN

Emerging Artists C & A O2 Report In 2014, five Emerging Artists were chosen from 43 applicants Australia-wide. This was the highest number of applications received since the program began in 2005. 2014 Emerging Artists: Emily Sheppard Violin (VIC) Zoe Freisberg Violin (QLD) Katie Yap Viola (VIC) Rebecca Proietto Cello (VIC) Hugh Kluger Double bass (NSW)

In May, the Emerging Artists performed in four performances with ACO2 at the Canberra International Music Festival, under the direction of guest artists including Elizabeth Wallfisch, Roland Peelman and Nils Erik Sparf with the Uppsala Chamber Soloists from Sweden. The concerts were performed on gut strings, providing an important professional development opportunity for the Emerging Artists. They performed Strauss’s Metamorphosen with the Uppsala Chamber Soloists which is a study for 23 solo strings. ACO2 continued on to regional NSW to hold performances in Bathurst and Bellingen featuring Alice Giles, on harp. The performance in Bellingen was sold out and received a standing ovation.

The Emerging Artists’ Program provides a pathway for the next generation of Australia’s finest young string musicians “We just want to thank the ACO and ACO2 for the concert to bridge the gap between tertiary studies and life as a professional musician. These Emerging Artists participated in in Bathurst last night. The program itself was delightful, four intensive periods, playing in the ACO’s regional touring and the performances absolutely wonderful ... The orchestra ACO2 and in smaller chamber music groups with audience was very enthusiastic, and the comments ACO musicians. The young artists were mentored throughout afterwards were uniformly of the ‘that was SO good!’ the year and given private lessons by their ACO mentors variety, and very admiring of the skills on display. and tickets to ACO concerts. They were also given the opportunity to undertake a ‘mock’ audition to ACO musicians, Everyone wants the group to come back.” presented in the format of what a real audition would feel DR. MARTHA GELIN, AUDIENCE MEMBER like, with immediate feedback. In September, the Emerging Artists spent a week in Sydney In March, the 2014 Emerging Artists completed their studying chamber music with their ACO mentors. The week inaugural ACO2 tour to Western Australia. The tour was led by culminated in a private performance at the Independent ACO2 Director Helena Rathbone, who performed the Bach's Theatre in North Sydney featuring Bach quartets, a Violin Concerto No.1 in A minor on her 1759 Guadagnini duo by Glière and a Nonet composed by Guest Director violin (on loan from the Commonwealth Bank Group). Olli Mustonen. ACO2 performed concerts in Narrogin, Katanning, Bunbury, Mandurah, Albany, Margaret River and Perth, plus an extra In November, ACO2 concluded their 2014 regional tour periods community concert for senior citizens at the Bunbury with five performances in Tasmania led by internationally Regional Entertainment Centre. This poignant program acclaimed Norwegian violinist, Henning Kraggerud. This also featured works thoughtfully selected to commemorate concluded the fourth Emerging Artists’ Program period for the First World War centenary, which included music by 2014. ACO2 performed in Burnie, Launceston, St Helens, Australian composers Peter Sculthorpe and Frederick Port Arthur and Hobart. The orchestra performed to a sold Septimus Kelly. The Margaret River performance was out hall in St Helens and received standing ovations in both recorded and broadcast on ABC Classic FM on ANZAC Day St Helens and Port Arthur. 2014.

“It was the most exquisite performance we had “It was an exquisitely played offering by ACO2 ... violinists experienced in a long while. So much energy, enthusiasm Helena Rathbone and Aiko Goto, stalwarts of the and beautiful interpretations. Well done ACO2. Brilliant.” ACO, gave inspiring leadership to the next generation AUDIENCE MEMBER, HOBART of gifted young orchestral musicians. In CPE Bach’s String Symphony No.1, the players seemed positively “We were again privileged to experience the superlative to exult in its challenges; its rhythmic vitality set the virtuosity of ACO2 at a performance of Northern Lights, pulse racing. The peak of the afternoon, though, lay Southern Skies in Launceston last Saturday evening, firmly in the keeping of William Walton, whose Sonata having previously enjoyed their music two years ago. for Strings flashed into powerful life courtesy of an The evening was, without doubt, one of the highlights of ensemble very much on its collective toes. Splendid our performing arts year and ... we very much hope that corporate tone and bracing attack and follow-through the orchestra will be able to come again to Launceston ... made this a performance to cherish.” They are indeed a wonderful group of young musicians, C NEVILLE COHN, REVIEW IN THE WEST AUSTRALIAN, A O2 WA TOUR of whom Australia should be justly proud.” MICHAEL AND GILL WHITE, LAUNCESTON

2014 ANNUAL REPORT

A O2 Tours C

AC O2 WESTERN AUSTRALIA TOUR

CANBERRA INTERNATIONAL MUSIC FESTIVAL AND NEW SOUTH WALES TOUR

3–13 Apr

14–20 May

SCULTHORPE Port Essington KELLY Elegy for Strings ‘In Memoriam Rupert Brooke’ JS BACH Violin Concerto No.1 in A minor CPE BACH String Symphony No.1 in G major CARTER Elegy for String Orchestra WALTON Sonata for Strings – Helena Rathbone Director & Violin

BOCCHERINI Stabat Mater MOZART Requiem – Roland Peelman Conductor The Wallfisch Band Zoë Black ACO2 Violin

Narrogin Town Hall Thur 3 Apr Katanning Town Hall Fri 4 Apr Albany Entertainment Centre Sat 5 Apr Margaret River Cultural Centre Tue 8 Apr Bunbury Regional Entertainment Centre Wed 9 Apr Mandurah Performing Arts Centre Fri 11 Apr Perth Government House Sun 13 Apr PRESENTING PARTNER

Mozart Requiem Albert Hall, Canberra Wed 14 May ELGAR Sospiri, Op.70 KELLY Serenade for flute, harp & strings KELLY Elegy for Strings ‘In Memoriam Rupert Brooke’ HOWELLS Elegy for viola and strings, Op.15 STRAUSS Metamorphosen – The Wallfisch Band The Uppsala Chamber Soloists Alice Giles Harp Zoë Black ACO2 Violin Heartstrings Fitters Workshop, Canberra Fri 16 May BRAHMS German Requiem BROWNE To Gratiana dancing and singing – The Wallfisch Band Roland Peelman Conductor Zoë Black ACO2 Violin Into the Rose Garden Fitters Workshop, Canberra Sun 18 May CPE BACH String Symphony No.1 in G major DEBUSSY Danses sacrée et profane MENDELSSOHN Violin Concerto in D minor: III. Allegro ELGAR Sospiri, Op.70 KELLY Elegy for Strings ‘In Memoriam Rupert Brooke’ MENDELSSOHN String Symphony No.12 in G minor – Zoë Black Guest Director & Violin Alice Giles Harp Bathurst Memorial Entertainment Centre Tue 20 May Bellingen Memorial Hall Sat 24 May

2014 ANNUAL REPORT

EMERGING ARTISTS’ CHAMBER MUSIC WEEK

NORTHEN LIGHTS, SOUTHERN SKIES

17 Sep

13–20 Nov

GLIÈRE Selections from Eight Pieces for Violin and Double Bass, Op.39 BEETHOVEN String Quartet in C major, Op.59 No.3 ‘Razumovsky’ BEETHOVEN String Quartet in E-flat major, Op.74 ‘The Harp’ Olli MUSTONEN Nonet No.2 – Helena Rathbone ACO2 Director

NIELSEN Suite for Strings, Op.1 SIBELIUS Humoresque in G minor, Op.89, No.4 SINDING Suite in the Old Style, Op.10: II. Adagio KRAGGERUD 6 Postludes from Equinox for violin and orchestra ATTERBERG Suite No.3, Op.19 GRIEG (arr. Tognetti) String Quartet in G minor, Op.27 – Henning Kraggerud Guest Director & Lead Violin Caroline Henbest Viola

Independent Theatre, North Sydney

Burnie Arts and Function Centre Thu 13 Nov Theatre North, Launceston Sat 15 Nov St Helens Memorial Hall Sun 16 Nov Port Arthur Historic Site Wed 19 Nov Hobart Conservatorium Thu 20 Nov PRINCIPAL PARTNER

2014 ANNUAL REPORT

ACO VIRTUAL In 2014, ACO VIRTUAL reached approximately 17,280 people across Australia, there were 2,856 downloads of the accompanying smartphone app. ACO VIRTUAL installations have been attended by 26,865 people since its launch in 2013. ACO VIRTUAL is the result of a three-year creative collaboration between the ACO and Mod Productions. Audiences are surrounded on all sides by projections of the musicians and encircled by the rich recordings. An iPad console in the centre of the room allows individual audience members to spotlight the sound and visuals of the ensemble, highlighting one particular musician, a section of instruments, or their own desired selection of players. A streaming score runs under each musician, allowing the audience to understand the complexity of the musical arrangement – and even play along! ACO VIRTUAL features carefully selected music by Bach, Grieg, Piazzolla, and the Australian composer Roger Smalley, which maximises the opportunity for audience participation. A free smartphone app provides information about the composers, the musicians and their instruments. There is also an accompanying education kit, filled with resources and activities for teachers and students to deepen their understanding before, during and after visiting the installation. ACO VIRTUAL is part of a broader strategic commitment by the ACO to inspire and challenge audiences everywhere through the music that we play. ACO VIRTUAL expands our capacity to reach outside of the capital cities, into regional Australia on a regular basis. It delivers a unique and inspiring learning environment, giving visitors the opportunity to engage with – and learn from – world-class musicians that they may not ordinarily be able to see.

“What an amazing installation – I have never seen anything like it!”

“The quality of the sound is fabulous. One has the feeling of being almost live. One sense knows that it is an installation and that it is a recording; however the quality of the sound is such that one feels immersed in the music and the experience.” “The students had never seen anything like it – they had a fantastic experience…it was a once in a lifetime experience for these children – the benefit is lifelong and fosters a passion for the arts that they otherwise would never gain.” “A wonderful example of alternative creativity. Such a beautifully intimate listening and visual experience!” “A wonderful opportunity to expose my children to chamber music.”

In addition to the highly positive feedback, ACO VIRTUAL won an Australian Directors’ Guild Award for “Best Direction in a Cross Platform Project” and was a finalist in the highly prestigious South by Southwest 2014 Interactive Awards in the US – profiling the ACO to a completely new audience. ACO VIRTUAL was produced by the ACO and Mod Productions Mish Sparks Executive Producer Michela Ledwidge Artist and Director Paul Nichola Cinematographer, VFX Producer Cristina Dio Producer Simon Lear Sound Designer – B Sound

In 2014, ACO VIRTUAL was installed at the following venues: — — — — — — — —

Glasshouse Port Macquarie, NSW, 31 Jan – 24 Feb Melbourne Recital Centre, VIC, 20–24 Feb 2014 Bathurst Regional Art Gallery, NSW, 21 Mar – 13 Apr Virgin Lounge Melbourne Airport, VIC, 6 May – 2 Jun Yarra Ranges Regional Museum, VIC, 26 Jun – 27 Jul eMerge Gallery Townsville, QLD, 2–31 Aug Artspace Mackay, QLD, 13 Oct – 9 Nov Wagga Wagga Art Gallery, NSW, 1–23 Nov

A CREATIVE COLLABORATION BETWEEN THE AUSTRALIAN CHAMBER ORCHESTRA AND MOD PRODUCTIONS

ACO VIRTUAL FOUNDING PARTNER

ASSOCIATE PARTNER

ACO VIRTUAL also featured at two corporate 1-day events for BMW and Telstra in Sydney and Melbourne respectively. In 2015 ACO VIRTUAL will be installed at a range of venues across Australia including Manly Art Gallery & Museum, Darwin Entertainment Centre and a tour through regional Queensland to Warwick Art Gallery, Tanks Arts Centre Cairns, Gladstone Regional Art Gallery and Museum and Gatakers Artspace in Maryborough.

2014 ANNUAL REPORT

DEVELOPED WITH THE ASSISTANCE OF

This project was assisted by the Australian Government through the Australia Council, its arts funding and advisory body.

ACO Underground 17 Dec WEILL (arr. Tognetti/Meurant) Alabama Song JS BACH (arr. Tognetti) Preludio from Partita No.3 in E major, BWV 1006 NIRVANA (arr. Tognetti) Something in the way SCHNITTKE String Quartet No.2 (excerpt) RADIOHEAD (arr. Tognetti) How to Disappear Completely JONNY GREENWOOD Prospector’s Quartet KRZYSZTOF PENDERECKI String Quartet No.1 (excerpt) YOUMANS Tea for Two TOCH Geographical Fugue TRADITIONAL (arr. Robinson) Waterboy DAVID BOWIE (arr. Tognetti) The Man Who Sold The World FELDMAN Rothko Chapel (excerpt) NINE INCH NAILS (arr. Tognetti) Something I Can Never Have NAKAMURA (arr. Tognetti) Sukiyaki (Ue o Muite Arukō) – Richard Tognetti Director & Violin Satu Vänksä Voice & Violin Glenn Christensen Violin Christopher Moore Viola & Theremin Julian Thompson Cello Maxime Bibeau Double Bass Jim Moginie Guitar (Midnight Oil) Brian Ritchie Bass guitar (Violent Femmes) Joseph Nizeti Electronics/keyboard

“ ACO Underground is a splinter group that gathers some of the world’s finest musicians and puts them, but only once every so often, in one small, almost secret place. You feel like you’re part of a very privileged, slightly clandestine, revolutionary cabal, just being there.”

Sydney – GOODGOD Small Club Wed 17 Dec 8pm

DAILY REVIEW

“ … Christopher Moore’s theremin in the traditional song Waterboy was as disorienting and yet seductive as his gripping viola play in Morton Feldman’s sliding shades of grey Rothko Chapel, a piece which served as a kind of flipside to the equally stunning hand of Richard Tognetti in Bach’s Preludio from Partita No. 3.” THE SYDNEY MORNING HERALD

2014 ANNUAL REPORT

Attendance Figuresvvvi NON-SUBSCRIPTION CONCERTS Adelaide Dawn Upshaw, Elgar & Grieg Haydn & Italian Cello Timeline Mahler 4 & Sibelius 6 Piano Quintets Intimate Letters Tognetti in Recital Tognetti's Beethoven Marwood's Serenade Paganini/Tognetti

Concerts

Brisbane Canberra Melbourne Newcastle

2,759

1,460

4,602

487

11,463

1,284

3,071

684

1,337

5,567

14,093

1,493

3,438

1536

7,298

671

15,375

850

1,194

1,315

2,974

5,498

11,831

774

1,082

886

641

1,055

3,431

489

8,358

Attendance

1,026

1,129

Concerts

870

1,280

939 1

Attendance Concerts Attendance Concerts Attendance

Total

Concerts

Sydney Wollongong

Attendance

Perth

796

959

1,131

2,757

639

4,628

10,910

Concerts

Attendance

999

Concerts

Attendance

1,344

3,507

1465

4,185

10,501

Concerts Attendance

806

1039

2,340

674

4,354

489

9,702

Concerts

Attendance

1,023

Concerts Attendance

TOTAL CONCERTS TOTAL ATTENDANCE

5,035

6,991

7,285

23,754

2,638

6,853

39,563

2,136

94,255

NON-SUBSCRIPTION CONCERTS

ACO VIRTUAL PUBLIC EXHIBITION ATTENDANCE

Concerts Osborne Recital (Sydney) ACO Underground (Sydney) TarraWarra Festival (VIC) Vasse Felix Music Festival (WA) ACO2 WA Tour ACO2 NSW and ACT Tour ACO2 TAS Tour TOTAL

1 1 4 3 7 6 5

Attendance 260 250 800 418 1,330 1,487 768

5,313

Glasshouse Port Macquarie Melbourne Recital Centre Bathurst Regional Art Gallery Virgin Lounge Melbourne Airport Yarra Ranges Regional Museum eMerge Gallery Townsville Artspace Mackay Wagga Wagga Art Gallery TOTAL

Attendance 4,204 1,228 1,441 3,000 1,100 525 2,197 1,285 14,980

INTERNATIONAL CONCERTS

North America Europe TOTAL

2014 ANNUAL REPORT

Concerts Attendance 8 2,458 9 9,143 17

11,601

Attendance Figuresvvvi

AUSTRALIAN SUBSCRIPTION CONCERTS Sydney Melbourne 6,991

Canberra Brisbane

6,853

2,638 5,035

7,285

39,563 2,136

Perth Adelaide Newcastle Wollongong

23,754

INTERNATIONAL SUBSCRIPTION CONCERTS AUSTRALIA 9,153

EUROPE

2,458

NORTH AMERICA

94,255

2014 ANNUAL REPORT

Events FUNDRAISING EVENTS FOR THE ACO’S NATIONAL EDUCATION PROGRAM

NATIONAL FUNDRAISING COMMITTEES

In 2014 $740,000 was raised from the following events:

SYDNEY

17 May

John Taberner (Chair), Lillian Armitage, Vanessa Barry, Margie Blok, Liz Cacciottolo, Dee De Bruyn, Judy Anne Edwards, Sandra Ferman, Elizabeth Harbison, Bee Hopkins, Prue MacLeod, Julianne Maxwell, Julie McCourt, Elizabeth McDonald, Sandra Royle, Nicola Sinclair, Liz Williams and Judi Wolf

Four Seasons at The Church – Autumn Fundraising Dinner | The home of Mark Carnegie, Sydney 18 September On the Silver Screen with the ACO – Melbourne Fundraising Gala | Mossgreen, Armadale, Melbourne 22 October Château des fleurs – Sydney Fundraising Gala | MacLaurin Hall, University of Sydney

SPECIAL EVENTS In addition to National Concert Tour opening nights and events, the ACO hosted a number of private events for its Chairman’s Council members, Medici Patrons and Major Patrons. 8 April 1 May 19 August 28 October

Sydney Chairman’s Council and Major Patrons’ Cocktail Party | The home of David and Colleen Shein, Vaucluse, Sydney Melbourne Chairman’s Council and Major Patrons’ Cocktail Party | The home of Sir Roderick Carnegie AC, Melbourne Sydney Chairman’s Council and Major Patrons’ Dinner | The home of John Symond AM, Point Piper, Sydney Melbourne Chairman’s Council and Major Patrons’ Dinner | Raheen, the home of Jeanne Pratt AC, Kew, Melbourne

BRISBANE Philip Bacon, Kay Bryan, Andrew Clouston, Ian and Caroline Frazer, Cass George, Edward Gray, Wayne Kratzmann, Helen McVay, Shay O’Hara-Smith, Marie-Louise Theile, Beverley Trivett, Bruce and Jocelyn Wolfe Thank you to all who contributed to these programs and events, which supported our National Education Program, International Touring and our Players’ Chairs.

SYDNEY DEVELOPMENT COMMITTEE Heather Ridout AO (Chair), Guido Belgiorno-Nettis AM, Bill Best, Leigh Birtles, Ian Davis, Maggie Drummond, Tony Gill, Andrea Govaert, Jennie Orchard, Tony O’Sullivan, Margie Seale, Peter Shorthouse and Mark Stanbridge

CHÂTEAU DES FLEURS – SYDNEY FUNDRAISING GALA

MELBOURNE DEVELOPMENT COUNCIL Peter Yates AM (Chair), Debbie Brady, Ben Brady, Stephen Charles, Paul Cochrane, Colin Golvan QC and Christopher Menz

JOHN SYMOND AM HOSTING THE SYDNEY CHAIRMAN’S COUNCIL AND MAJOR PATRONS’ DINNER

2014 ANNUAL REPORT

Recordings VIVALDI: THE 4 SEASONS VIVALDI Le Quattro Stagioni, Op.8 Nos 1–4 VIVALDI Largo from Concerto in D major, RV 226 VIVALDI Concerto in B minor, RV 580 VIVALDI Concerto in A minor, RV 356 VIVALDI Grave from Concerto in D major, RV 562 VIVALDI Sinfonia from La Verita in Cimento, RV 739 – Richard Tognetti Director & Violin Australian Chamber Orchestra

“… there is an extra dimension of imagination and individuality here that more than justifies adding yet another Seasons to the wellstocked shelves.”

V I VA L D I 4 THE

SE ASONS

THE TELEGRAPH (UK)

“Tognetti's energy is electrifying, and this recording of The Four Seasons is among the Holmes à Court Collection boldest, most pictorial around.” sanna Grey-Smith and Mark Grey-Smith

RICHARD TOGNE T TI

image: Guy Grey-Smith (1916–81): Karri trees 1979 (detail) d beeswax emulsion on gauze over hardboard, 122.3 x 111.5 cm

: Robert Frith, Acorn

THE ARTS DESK

103_f-b.indd 1

AUSTR ALIAN CHAMBER ORCHESTR A BIS-2103

2014-09-22 16:41

PATRONS Mr Robert Albert AO and Mrs Libby Albert Jennifer Hershon Anthony & Sharon Lee Foundation Strauss Family

2014 ANNUAL REPORT

ACO Partners The ACO would like to thank its corporate partners for their generous support.

PRINCIPAL PARTNER

FOUNDING PARTNER

FOUNDING PARTNER: ACO VIRTUAL

GOVERNMENT PARTNERS

NATIONAL TOUR PARTNERS

OFFICIAL PARTNERS

PERTH SERIES AND WA TOUR PARTNER

ASSOCIATE PARTNER ACO VIRTUAL

CONCERT AND SERIES PARTNERS

EVENT PARTNERS

2014 ANNUAL REPORT

Donations Program MEDICI PROGRAM In the time-honoured fashion of the great Medici family, the ACO’s Medici Patrons support the individual players’ Chairs and assist the Orchestra to attract and retain musicians of the highest calibre.

CORE CHAIRS

MEDICI PATRON

Ilya Isakovich Violin Australian Communities Foundation – Connie & Craig Kimberley Fund

Mrs Amina Belgiorno-Nettis

PRINCIPAL CHAIRS Richard Tognetti AO Artistic Director & Lead Violin Michael Ball AM & Daria Ball Wendy Edwards Prudence MacLeod Andrew & Andrea Roberts Helena Rathbone Principal Violin Kate & Daryl Dixon Satu Vänskä Principal Violin Kay Bryan Christopher Moore Principal Viola peckvonhartel architects Timo-Veikko Valve Principal Cello Peter Weiss AO Maxime Bibeau Principal Double Bass John Taberner & Grant Lang* Darin Cooper Foundation#

Aiko Goto Violin Anthony & Sharon Lee Foundation

Glenn Christensen Violin Violin Chair Terry Campbell AO & Christine Campbell Mark Ingwersen Violin Ian Wallace & Kay Freedman Ike See Violin Liisa Pallandi Violin Alexandru-Mihai Bota Viola Philip Bacon AM Nicole Divall Viola Ian Lansdown Melissa Barnard Cello Martin Dickson AM & Susie Dickson Julian Thompson Cello The Clayton Family

GUEST CHAIRS Brian Nixon Principal Timpani Mr Robert Albert AO & Mrs Libby Albert * 1 Jan – 30 Jun 2014 # 1 Oct – 31 Dec 2014

2014 ANNUAL REPORT

Friends of Medici Mr R Bruce Corlett AM & Mrs Ann Corlett

Donations Program NATIONAL EDUCATION PROGRAM The ACO pays tribute to all of our generous donors and the trusts and foundations who have contributed to our Emerging Artist and Education Programs in 2014. These programs focus on the development of young Australian musicians and are pivotal in securing the future of the ACO and the future of music in Australia. We are extremely grateful for the support we receive.

PATRONS Marc Besen AC & Eva Besen AO Janet Holmes à Court AC

TRUSTS AND FOUNDATIONS

Holmes à Court Family Foundation The Ross Trust The Neilson Foundation

2014 ANNUAL REPORT

EMERGING ARTISTS & EDUCATION PATRONS $10,000+ Mr Robert Albert AO & Mrs Libby Albert Australian Communities Foundation – Annamila Fund Australian Communities Foundation – Ballandry Fund Daria & Michael Ball Steven Bardy & Andrew Patterson The Belalberi Foundation Andre Biet Stephen & Jenny Charles Liz Cacciottolo & Walter Lewin Mark Carnegie The Cooper Foundation Chris & Tony Froggatt Ann Gamble Myer Daniel & Helen Gauchat Andrea Govaert & Wik Farwerck Dr Edward C. Gray Angus & Sarah James PJ Jopling AM QC Miss Nancy Kimpton Bruce & Jenny Lane Prudence MacLeod Anthony and Suzanne Maple-Brown Alf Moufarrige Jennie & Ivor Orchard Margie Seale & David Hardy Tony Shepherd AO John Taberner & Grant Lang Leslie C. Thiess Alden Toevs & Judi Wolf Transfield Holdings The Hon Malcolm Turnbull MP & Ms Lucy Turnbull AO E Xipell Peter Yates AM & Susan Yates Peter Young AM & Susan Young Anonymous (3)

DIRETTORE $5,000–$9,999

MAESTRO $2,500–$4,999

The Abercrombie Family Foundation Geoff Ainsworth & Jo Featherstone Geoff Alder Bill & Marissa Best Joseph & Veronika Butta John & Lynnly Chalk Elizabeth Chernov Clockwork Theatre Inc Andrew Clouston Victor & Chrissy Comino Leith & Darrel Conybeare David Craig Liz Dibbs Ellis Family Bridget Faye AM Michael Firmin Ian & Caroline Frazer David Friedlander Kay Giorgetta Tony & Michelle Grist Fraser Hopkins I Kallinikos Keith & Maureen Kerridge Macquarie Group Foundation David Maloney & Erin Flaherty P J Miller Averill Minto Jacqui & John Mullen The Myer Foundation Willy & Mimi Packer peckvonhartel architects Elizabeth Pender Bruce & Joy Reid Trust John Rickard Andrew Roberts Paul Schoff & Stephanie Smee Greg Shalit & Miriam Faine Joyce Sproat & Janet Cooke Emma Stevens Jon & Caro Stewart Anthony Strachan John Vallance & Sydney Grammar School Geoff Weir Shemara Wikramanayake Cameron Williams Anonymous (5)

David & Rae Allen Atlas D’Aloisio Foundation Will & Dorothy Bailey Charitable Gift Brad Banducci Adrienne Basser Doug & Alison Battersby The Beeren Foundation Berg Family Foundation Rosemary & Julian Block Gilbert Burton Arthur & Prue Charles Kathryn Chiba Caroline & Robert Clemente Robert & Jeanette Corney Judy Crawford Peter Curry Rowena Danziger AM & Ken Coles AM Dee de Bruyn Kate Dixon Leigh Emmett Suellen & Ron Enestrom Jane & Richard Freudenstein Tom Goudkamp OAM Megan Grace Ross Grant Maurice Green AM & Christina Green Warren Green Nereda Hanlon & Michael Hanlon AM Liz Harbison Gavin & Christine Holman Simon & Katrina Holmes à Court Mark Johnson John Karkar QC Carolyn Kay & Simon Swaney John Kench Julia Pincus & Ian Learmonth The Alexandra & Lloyd Martin Family Foundation Peter Mason AM & Kate Mason Paul & Elizabeth McClintock Jane Morley Sandra & Michael Paul Endowment Justin Punch Patricia H Reid Endowment Pty Ltd Ralph & Ruth Renard Chris Roberts The Sandgropers D N Sanders Chris & Ian Schlipalius Peter & Victoria Shorthouse Petrina Slaytor Andrew Strauss John & Josephine Strutt David Thomas OAM Peter Tonagh Ralph Ward-Ambler AM & Barbara Ward-Ambler The WeirAnderson Foundation Ivan Wheen Simon Whiston Anna & Mark Yates Anonymous (5)

2014 ANNUAL REPORT

VIRTUOSO $1,000–$2,499 Jennifer Aaron Annette Adair Michael & Margaret Ahrens Antoinette Albert Mrs Jane Allen Matt Allen Philip Bacon AM Samantha Baillieu Barry Batson Ruth Bell Justice Annabelle Bennett AO Virginia Berger Brian Bothwell Jan Bowen Michael & Tina Brand Vicki Brooke Diana Brookes Mrs Kay Bryan Sally Bufé Neil Burley & Jane Munro Ivan Camens Ray Carless & Jill Keyte Bella Carnegie James Carnegie Roslyn Carter Andrew Chamberlain Julia Champtaloup & Andrew Rothery K. Chisholm Angela and John Compton Martyn Cook Antiques Alan Fraser Cooper P Cornwall & C Rice Laurie & Julie Ann Cox Judith Crompton June Danks Ian Davis Michael & Wendy Davis Martin Dolan Anne & Thomas Dowling Dr William F Downey Emeritus Professor Dexter Dunphy AM Peter Evans Julie Ewington Ian Fenwicke & Prof. Neville Wills Bill Fleming Elizabeth Flynn Justin & Anne Gardener Matthew Gilmour In memory of Fiona Gardiner-Hill Colin Golvan QC Fay Grear Kathryn Greiner AO Paul & Gail Harris Bettina Hemmes Reg Hobbs & Louise Carbines Michael Horsburgh AM & Beverley Horsburgh Monique D’Arcy Irvine & Anthony Hourigan Stephanie & Mike Hutchinson Colin Isaac & Jenni Seton Phillip Isaacs OAM Will & Chrissie Jephcott 2014 ANNUAL REPORT

Brian Jones Bronwen L Jones Genevieve Lansell Mrs Judy Lee Michael Lin Airdrie Lloyd Alceon Group Trevor Loewensohn Robin & Peter Lumley Diana Lungren Greg & Jan Marsh Massel Australia Pty Ltd Jane Mathews AO Julianne Maxwell Karissa Mayo Kevin & Deidre McCann Brian & Helen McFadyen Ian & Pam McGaw J A McKernan Diana McLaurin Peter & Ruth McMullin Phil & Helen Meddings Roslyn Morgan Suzanne Morgan Glenn Murcutt AO Baillieu Myer AC Dennis & Fairlie Nassau Nola Nettheim Anthony Niardone Paul O’Donnell Ilse O’Reilly Origin Foundation James & Leo Ostroburski Anne & Christopher Page Prof David Penington AC Matthew Playfair Mark Renehan Dr S M Richards AM & Mrs M R Richards Warwick & Jeanette Richmond in memory of Andrew Richmond Josephine Ridge David & Gillian Ritchie Roadshow Entertainment Em. Prof. A. W. Roberts AM Jennifer Sanderson In Memory of H. St. P. Scarlett Lucille Seale Gideon & Barbara Shaw Maria Sola Dr P & Mrs D Southwell-Keely Keith Spence Dr Charles Su & Dr Emily Lo Magellan Logistics Pty Ltd Robert & Kyrenia Thomas Anne Tonkin Ngaire Turner Kay Vernon Marion W Wells Barbara Wilby Nick & Jo Wormald Lee Wright Don & Mary Ann Yeats AM William Yuille Brian Zulaikha Anonymous (18) 45

CONCERTINO $500–$999

Barry Johnson & Davina Johnson OAM Caroline Jones Mrs Angela Karpin A Ackermann Bruce & Natalie Kellett Mrs C A Allfrey Professor Anne Kelso AO Elsa Atkin AM Graham Kemp & Heather Nobbs Mary Stephen Josephine Key & Ian Breden A. & M. Barnes Wendy Kozica & David O’Callaghan QC TFW Tessa Barnett See & Lee Chartered Accountants Robin Beech Wayne & Irene Lemish Leigh & Christina Birtles David & Sandy Libling Hugh Burton-Taylor Greg Lindsay AO & Jenny Lindsay Jasmine Brunner Megan Lowe Lynda Campbell Dr & Mrs Donald Maxwell Helen Carrig & Ian Carrig OAM H E McGlashan J. M. Carvell I Merrick Scott Charlton Louise Miller Colleen & Michael Chesterman John Mitchell Richard & Elizabeth Chisholm John K Morgan Stephen Chivers Simon Morris & Sonia Wechsler Olivier Chretien Julie Moses Warren Coli Dr Greg Nelson ClearFresh Water J Norman Sally Collier Graham North Marie Dalziel Robin Offler Jill Davies Leslie Parsonage Mari Davis Deborah Pearson Dr Christopher Dibden The Hon. Catherine Branson & Dr Alan Down Michael Peck Kevin Phillips in memory of Raymond Dudley Bernard Hanlon & Rhana Pike M T & R L Elford Rosie Pilat Christine Evans Michael Power Penelope & Susan Field Beverly & Ian Pryer Elizabeth Finnegan Dr Anoop Rastogi Jean Finnegan & Peter Kerr Garry Scarf & Morgie Blaxill Sheila Fitzpatrick in memory of Michael Berek Segan OBE AM & Marysia Segan Danos John C Sheahan QC Michael Fogarty Andrew & Rhonda Shelton Brian Goddard Sherborne Consulting George H. Golvan QC & Naomi Golvan Roger & Ann Smith-Johnstone Prof Ian & Dr Ruth Gough Alida Stanley & Harley Wright Katrina Groshinski & John Lyons Judy Ann Stewart Grandfather’s Axe In memory of Dr Aubrey Sweet Victoria Greene Gabrielle Tagg Annette Gross Arlene Tansey Lesley Harland Barrie & Jillian Thompson Susan Harte Matthew Toohey Alan Hauserman & Janet Nash Nev & Janie Wittey Gaye Headlam G C & R Weir Peter Hearl Anonymous (23) Kingsley Herbert Marian Hill Sue & David Hobbs Geoff Hogbin Mary Ibrahim How to Impact Pty Ltd Peter & Ann Hollingworth Pam & Bill Hughes Dr & Mrs Michael Hunter Margaret & Vernon Ireland Dr Anne James & Dr Cary James Owen James

2014 ANNUAL REPORT

ACO BEQUEST PATRONS The late Charles Ross Adamson The late Kerstin Lillemor Andersen Steven Bardy Dave Beswick Ruth Bell Sandra Cassell The late Mrs Moya Crane Mrs Sandra Dent Leigh Emmett The late Colin Enderby Peter Evans Carol Farlow Ms Charlene France Suzanne Gleeson Lachie Hill The late John Nigel Holman Penelope Hughes The late Dr S W Jeffrey AM Estate of Pauline Marie Johnston The late Mr Geoff Lee AM OAM Mrs Judy Lee The late Shirley Miller Selwyn M Owen The late Josephine Paech The late Richard Ponder Ian & Joan Scott The late Geoffrey Francis Scharer Leslie C Thiess G.C & R. Weir Margaret & Ron Wright Mark Young Anonymous (11)

LIFE PATRONS IBM Mr Robert Albert AO & Mrs Libby Albert Mr Guido Belgiorno-Nettis AM Mrs Barbara Blackman AO Mrs Roxane Clayton Mr David Constable AM Mr Martin Dickson AM & Mrs Susie Dickson Dr John Harvey AO Mrs Alexandra Martin Mrs Faye Parker Mr John Taberner & Mr Grant Lang Mr Peter Weiss AO

Instrument Fund Peter Weiss AO PATRON, ACO Instrument Fund BOARD MEMBERS Bill Best (Chairman) Jessica Block Chris Frogatt John Leece AM John Taberner PATRONS VISIONARY $1m+ Peter Weiss AO LEADER $500,000 – $999,999 CONCERTO $200,000 –$499,999 Amina Belgiorno-Nettis Naomi Milgrom AO

SONATA $25,000 – $49,999 ENSEMBLE $10,000 – $24,999 Lesley & Ginny Green Peter J Boxall AO & Karen Chester SOLO $5,000 – $9,999 PATRON $500 – $4,999 Dr Jane Cook Leith & Darrel Conybeare John Landers & Linda Sweeny Luana & Kelvin King Bronwyn & Andrew Lumsden Ian & Pam McGaw Patricia McGregor Trevor Parkin Elizabeth Pender Robyn Tamke Anonymous (2)

INVESTORS Stephen & Sophie Allen John & Deborah Balderstone Guido & Michelle Belgiorno-Nettis Bill Best Benjamin Brady Sally Collier Marco D’Orsogna Garry & Susan Farrell Gammell Family Philip Hartog Brendan Hopkins Angus & Sarah James Andrew & Philippa Stevens Ian Wallace & Kay Freedman

OCTET $100,000 – $199,999 John Taberner QUARTET $50,000 – $99,999 John Leece AM & Anne Leece Anonymous

2014 ANNUAL REPORT

Chairman’s Council Members Mr Guido Belgiorno-Nettis AM Chairman Australian Chamber Orchestra & Executive Director Transfield Holdings Aurizon Holdings Limited Mr Philip Bacon AM Director Philip Bacon Galleries Mr David Baffsky AO Mr Brad Banducci Director Woolworths Liquor Group Mr Marc Besen AO & Mrs Eva Besen AO Mr Leigh Birtles & Mr Peter Shorthouse UBS Wealth Management Mr Jeff Bond Chief Executive Officer Peter Lehmann Wines Mr John Borghetti Chief Executive Officer Virgin Australia Mr Michael & Mrs Helen Carapiet Mr Jim Carreker Regional Delegate, Australia, New Zealand & South Pacific Relais & Châteaux Mr Stephen & Mrs Jenny Charles Mr & Mrs Robin Crawford Rowena Danziger AM & Kenneth G. Coles AM Mr Greg Ellis Chief Executive Officer REA Group Dr Bob Every Chairman Wesfarmers Ms Tracey Fellows Chief Executive Officer REA Group Mr Angelos Frangopoulos Chief Executive Officer Australian News Channel Mr Richard Freudenstein Chief Executive Officer FOXTEL

2014 ANNUAL REPORT

Ms Ann Gamble Myer Mr Daniel Gauchat Principal The Adelante Group Mr Colin Golvan QC & Dr Deborah Golvan Mr John Grill AO Chairman WorleyParsons Mr Grant Harrod Chief Executive Officer LJ Hooker Mrs Janet Holmes à Court AC Mr & Mrs Simon & Katrina Holmes à Court Observant Pty Limited Mr John Kench Chairman Johnson Winter & Slattery Ms Catherine Livingstone AO Chairman Telstra Mr Andrew Low Chief Executive Officer RedBridge Grant Samuel Mr Didier Mahout CEO Australia & NZ BNP Paribas Mr David Mathlin Ms Julianne Maxwell Mr Michael Maxwell Mr Donald McGauchie AO Chairman Nufarm Limited Mr David Mendelson Managing Director Total E&P Australia Ms Naomi Milgrom AO Ms Jan Minchin Director Tolarno Galleries Mr Jim Minto Managing Director TAL Mr Alf Moufarrige Chief Executive Officer Servcorp

Mr Robert Peck AM & Ms Yvonne von Hartel AM peckvonhartel architects Mr Jeffrey Rhoda Managing Director IBM Australia & New Zealand Mr Mark Robertson OAM & Mrs Anne Robertson Mr Mike Sangster Managing Director Total E&P Australia Ms Margie Seale & Mr David Hardy Mr Glen Sealey General Manager Maserati Australia & New Zealand Mr Tony Shepherd AO Mr Ray Shorrocks Head of Corporate Finance, Sydney Patersons Securities Mr Andrew Stevens Managing Director IBM Australia & New Zealand Ms Anne Sullivan Chief Executive Officer Georg Jensen Mr Paul Sumner Director Mossgreen Pty Ltd Mr Mitsuyuki (Mike) Takada Managing Director & CEO Mitsubishi Australia Ltd Mr Michael Triguboff Managing Director MIR Investment Management Ltd The Hon Malcolm Turnbull MP & Ms Lucy Turnbull AO Mr David & Mrs Julia Turner Ms Vanessa Wallace & Mr Alan Liddle Mr Peter Yates AM Deputy Chairman Myer Family Investments Ltd Director AIA Ltd Mr Peter Young AM & Mrs Susan Young

Staff List As at 31 March 2015

EXECUTIVE OFFICE

EDUCATION

MARKETING

Timothy Calnin General Manager

Phillippa Martin ACO2 & ACO VIRTUAL Manager

Derek Gilchrist Marketing Manager

Jessica Block Deputy General Manager

Vicki Norton Education Manager

Mary Stielow National Publicist

Alexandra Cameron-Fraser Strategic Development Manager

DEVELOPMENT

Hilary Shrubb Publications Editor

Joseph Nizeti Executive Assistant to Mr Calnin and Mr Tognetti AO

Rebecca Noonan Development Manager

Neall Kriete Communications Coordinator

Jill Colvin Philanthropy Manager

Leo Messias Marketing Coordinator

Pennie Loane Investor Relations Manager

Chris Griffith Box Office Manager

Tom Tansey Events Manager

Dean Watson Customer Relations and Access Manager

Tom Carrig Senior Development Executive

Deyel Dalziel-Charlier Box Office & CRM Database Assistant

Ali Brosnan Patrons Manager

Christina Holland Office Administrator

Sally Crawford Development Coordinator

INFORMATION SYSTEMS

FINANCE

Ken McSwain Systems & Technology Manager

Maria Pastroudis Chief Financial Officer

Emmanuel Espinas Network Infrastructure Engineer

Steve Davidson Corporate Services Manager

ARCHIVES

Yvonne Morton Accountant

John Harper Archivist

ARTISTIC & OPERATIONS Luke Shaw Head of Operations & Artistic Planning Andreea Butucariu Artistic Administrator Megan Russell Tour Manager Lisa Mullineux Assistant Tour Manager Danielle Asciak Travel Coordinator Bernard Rofe Librarian Cyrus Meurant Assistant Librarian

Shyleja Paul Assistant Accountant

2014 ANNUAL REPORT

Financial Report FOR THE YEAR ENDED 31 DECEMBER 2014

AUSTRALIAN CHAMBER ORCHESTRA PTY LIMITED (a company limited by shares) and controlled entities ABN 45 001 335 182

NATIONAL TOUR PARTNER Xxxxx

CAROLINE HENBEST

2014 ANNUAL REPORT

Directors’ Report The directors present their report for the year ended 31 December 2014.

DIRECTORS The names and particulars of the directors in office during and to the date of this report are: Mr G Belgiorno-Nettis AM (Chairman) Non-Executive Director Guido Belgiorno-Nettis AM (BE Civil UNSW; MBA AGSM; FIEAust) is Managing Director of Transfield Holdings Pty Ltd, a Family Office holding investments in infrastructure and renewable energy. Transfield Holdings’ current portfolio includes Novatec Solar – a solar power development business based in Germany, leisure asset Perisher, and the Sydney Harbour Tunnel. Guido previously held a number of key positions within the Transfield Group including responsibility for Transfield Engineering and Construction, Project Development Divisions, and Group Communications prior to organising the successful float of Transfield Services and the sale of Transfield’s construction business. In early 2015 Guido started his own Family Office parallel to Transfield Holdings focusing on investing in early-phase companies needing capital and organisational support. He was named a Member of the Order of Australia in 2007 for service to the construction industry and the arts. He was also named the Australian Graduate School of Management Distinguished Alumni in 2005, and in 2008 received the University of NSW Alumni Award for outstanding contribution to profession and community. Other Not For Profit board memberships include: President of the Board of Trustees of the Art Gallery of NSW and Member Australian School of Business Advisory Council. Mr A G C James (Deputy Chairman) Non-Executive Director Angus James has over 25 years of corporate finance experience. He is a principal partner and founder of Aquasia, an independent corporate advisory partnership. He previously held the position of Chief Executive Officer of ABN AMRO Australia & New Zealand and was also a member of ABN AMRO’s Asian Management Team, which oversaw all of ABN AMRO’s retail, investment banking and asset management activities across 17 countries in the Asia-Pacific region. He is Chairman of Australian Schools Plus and is also a past Director of the Business Council of Australia, the Australian Curriculum, Assessment and Reporting Authority and the Australian Financial Markets Association. Angus has a Bachelor of Economics from Macquarie University, where in 2008 he was awarded the Alumni Award for Distinguished Service in the fields of Investment Banking, Business Leadership and the Arts. In 2012 Angus co-chaired a review of the Australia Council for the Federal Minister for the Arts.

2014 ANNUAL REPORT

Mr W D Best Non-Executive Director Bill Best is currently a consultant to Lane 9 Capital and to On Market Bookbuilds. Bill has 30 years of investment banking and stockbroking experience and was for many years an Executive Director of Macquarie Capital Advisors. Bill is Chairman of Inala, a Rudolf Steiner Organisation supporting individuals with disabilities, Chairman of LifeHealthcare Limited and a non-executive Director of Literacy Planet Limited. Bill has LLB, B.Comm and M.Comm degrees. He is also a Director of the Australian Chamber Orchestra Instrument Fund Pty Limited. Mr M J Borghetti Non-Executive Director John Borghetti commenced as the Chief Executive Officer and Managing Director of the Virgin Australia Group of Airlines in May 2010. Under his leadership the Group has undergone a strategic repositioning. He has over 40 years’ experience in aviation, including a long career at Qantas where he was appointed Executive General Manager in November 2003, responsible for Qantas Domestic, International and QantasLink. He is also a Director of Energy Australia and the NSW Customer Advisory Board and has previously served as a Director of Jetset Travelworld, Sydney FC, Piper Aircraft (USA), The Australian Ballet and CARE Australia. Ms E Cacciottolo Non-Executive Director Liz Cacciottolo has over 25 years of international experience in financial services across investment banking, wealth management and private banking. She previously held the position of Chief Executive Officer of UBS Wealth Management Australia (2005–09), Head of UBS Wealth Management UK (1999–2004) and Head of European derivative business in UBS Investment Bank (1992–98). Liz is also a Trustee Director for The Australian Catholic Superannuation & Retirement Fund, on the Board of Kaldor Public Art Projects, a member of the Advisory Council at UNSW Medicine, a member of the Advisory Finance Committee for the Sisters of Charity, a member of Chief Executive Women (CEW) and an Ambassador of Australian Indigenous Education Fund (AIEF). Ms C Froggatt Non-Executive Director Chris Froggatt is a non-executive Director of Goodman Fielder Limited and of Myer Holdings Ltd. Prior to returning permanently to Australia in 2008, Chris served on the Boards of Britvic plc and Sports Direct International plc and as an independent Trustee Director of Berkeley Square Pension Trustee Company Limited, based in the UK. Chris has over 20 years’ senior executive experience as a human resources specialist in leading international companies including Brambles Industries plc, Brambles Industries Limited, Whitbread Group plc, Diageo plc, Mars Inc. and Unilever NV. Chris has a broad industry background in consumer branded products, covering industries such as beverages, food and confectionary, and in retailing, hotels, leisure and logistics. She holds an Honours Degree in English from Leeds University in the UK. In February 2014, Chris became a Director of the Australian Chamber Orchestra Instrument Fund Pty Ltd. 51

Directors’ Report Mr J Grill AO Non-Executive Director John Grill is the current Chairman and was the former Chief Executive of international resources and energy company WorleyParsons. Under his leadership, WorleyParsons has become a global enterprise providing specialist design and project services in the civil, structural, environmental, geotechnical and coastal marine fields. He began his distinguished career with Esso Australia and in 1971 established Wholohan, Grill and Partners as a specialised engineering practice in the oil and gas industry. His firm acquired the US company Worley Engineering (Australia) in 1987. Following group restructuring, in 2002 Worley Group Limited listed on the Australian Stock Exchange. In 2004, Worley Group Limited acquired Parsons E&C Corporation, a US-based global project services company, and changed its name to WorleyParsons Limited. John Grill has personal expertise in every aspect of project delivery for projects in the resources and energy industries. He has been directly involved with most of the major clients of WorleyParsons and remains closely involved at board level with the group’s joint ventures. His influence on Australian society was acknowledged in the 2014 round of Australia Day Honours with the receipt of an Officer in the Order of Australia award. He was named Engineers Australia Professional Engineer of the Year in 2006 and awarded an honorary doctorate by the University of Sydney in 2010 in recognition of his contribution to the engineering profession. He is Chairman of the Minister’s Advisory Committee for the Industry Growth Centres program, Chairman of the advisory board of the Centre for Project Leadership at Sydney University and is on the board of Neuroscience Research Australia. Ms H Ridout AO Non-Executive Director Heather Ridout is a company director and Reserve Bank Board member with a long history as a leading figure in the public policy debate in Australia. She is Chair of AustralianSuper – the largest industry fund in Australia; a Director of Sims Metal Management – the world’s largest publicly listed recycling company; and a Director of ASX Ltd. Her other appointments include member of Asialink; the Advance Australia Advisory Board and the Advisory Board of Climateworks. She is also co-Chair of the Australian-Canada Economic Leadership Dialogue and a delegate to the B20 which is the key business advisory body to the international economic forum and which includes business leaders from all G20 economies. Both the Australia-Canada Forum and the B20 were held in Australia in 2014. Heather is also a longstanding member of the AmericanAustralian Leadership Dialogue, a high level forum including very senior representatives from the US and Australia drawn from politics, public service, business and journalism. Up until 30 April 2012, Heather was Chief Executive of the Australian Industry Group – a

2014 ANNUAL REPORT

major, national employer organisation representing a cross section of industry including manufacturing, construction, defence, ICT and labour hire. Her previous appointments include: member of the Henry Tax Review panel, board member of Infrastructure Australia and Climate Change Australia; member of the Business Roundtable on Climate Change; Australian Workforce and Productivity Agency; member of the National Workplace Relations Consultative Committee; member of the Australian Press Council National Advisory Panel and member of the Prime Minister’s Taskforce on Manufacturing. Heather was recently made an Officer (AO) in the general division of the Order of Australia (for distinguished service to business and industry through significant contributions to the development of economic and public policy). Heather holds a BEc (Hons) from the University of Sydney. Mr A C Stevens Non-Executive Director Andrew Stevens was formerly the Managing Director of IBM Australia and New Zealand. Andrew is the Chairman of the Advanced Manufacturing Growth Centre, and a Director of both the Committee for the Economic Development of Australia (CEDA) and the Greater Western Sydney GIANTS. He is an Honorary member of the Business Council of Australia, a member of the Business Advisory Executive of UNSW Business at the University of New South Wales, a member of the Chief of the Defence Force’s Gender Equality Advisory Board, and is a member of the Sex Discrimination Commissioner’s Male Champions of Change group. Andrew graduated from the University of New South Wales with a Bachelor of Commerce, majoring in Accounting, Finance and Systems and a Master of Commerce majoring in Marketing. Mr J G Taberner Non-Executive Director John Taberner was for 20 years from 1988 a Partner in the Sydney office of Freehills, Solicitors where he led their environmental law practice. He was also a director of the firm’s national Pro Bono practice and led the firm’s Pro Bono practice in Sydney. John is now a full-time consultant to Herbert Smith Freehills. He has extensive experience advising a wide range of clients on all aspects of environmental law. He was for several years a Director of Annual Report Awards Inc. which established Australia’s only award for excellence in environment reporting. John also served for four years as Secretary of the National Environmental Law Association of Australia. John graduated from Sydney University in Bachelor of Arts (Hons), a Master of Arts (Hons) and a Bachelor of Laws. In 1985 he completed a Masters of Comparative Law (Environmental Law) at the George Washington University in Washington DC, USA. He is also a director of the Australian Chamber Orchestra Instrument Fund Pty Ltd and of ACOUK.

Directors’ Report Mr P W Yates AM Non-Executive Director Peter is Deputy Chairman of The Myer Family Investments Ltd and a Director of AIA Australia Limited. He is Chairman of the Royal Institution of Australia, the Australian Science Media Centre, the Faculty of Business and Economics at Melbourne University, the Royal Children’s Hospital Foundation and the Shared Value Project and Deputy Chairman of Asialink. Peter is a Director of the Royal Children’s Hospital, the Centre of Excellence for Quantum Computation and Communication Technology at UNSW, the Australian Chamber Orchestra and the NHMRC Centre for Personalised Immunology at ANU. From 2004–07 Peter was Managing Director of Oceania Capital Partners and held the position of Chief Executive Officer of Publishing and Broadcasting Limited from 2001–04. Until 2001 he worked in the Investment Banking industry including 15 years with Macquarie Bank. He holds a Doctorate from Murdoch University, a Masters degree from Stanford University Graduate School of Business and a Commerce degree from Melbourne University. He speaks Japanese, having studied at Keio University in Tokyo. Peter has been a director of Publishing and Broadcasting, Crown Ltd, Foxtel Ltd, The Nine Network, Ninemsn, Ticketek, Veda Ltd, Oceania Capital Partners Ltd, the National Portrait Gallery, The Melbourne International Arts Festival, Centre for Independent Studies, MOKO. mobi and the Australia-Japan Foundation. In the June 2011 Queen’s Birthday Honours, Peter was awarded a Member of the Order of Australia for service to education, to the financial services industry and to a range of arts, science and charitable organisations. Mr S D Yeo (appointed 4 December 2014) Non Executive Director Simon is an Executive Director of Euroz Limited (EZL) and Euroz Securities Limited (wholly owned subsidiary of EZL) and has worked in the Stockbroking industry since 1993. In November 2000 he established the Private Client division of Euroz Securities which he managed until October 2013. He now has a specialised role within the Institutional Sales team dealing with domestic and offshore institutions. Simon holds a Bachelor of Commerce from the University of Western Australia and was previously a Chartered Accountant and Member of the Institute of Chartered Accountants in Australia. He was previously a Director of Tura New Music Ltd and prior to that was instrumental in conceptualising, financing and arranging logistics in relation to The Reef project the ACO undertook in 2012.

2014 ANNUAL REPORT

Directors’ Report MEETINGS OF DIRECTORS The following table sets out the numbers of meetings of the company’s Board and of the Finance, Audit and Risk Management (FARM) committee held during the year ended 31 December 2014 and the number of meetings attended by each director.

BOARD MEETINGS

Mr G Belgiorno-Nettis AM (Chairman) Mr A G C James (Deputy Chairman) Mr W D Best Mr M J Borghetti Ms J Crompton (Agent for Mr J. Borghetti) Ms E Cacciottolo Ms C Froggatt Mr J Grill AO Ms H Ridout AO Mr A C Stevens Mr J G Taberner Mr P W Yates AM Mr S D Yeo (appointed 4 December 2014)

MEETINGS ELIGIBLE TO ATTEND 6 6 6 4 2 6 6 6 6 6 6 4 0

PRINCIPAL ACTIVITIES

MEETINGS ATTENDED 5 6 5 3 2 5 5 6 3 4 6 0 0

FARM COMMITTEE MEETINGS ELIGIBLE TO ATTEND

MEETINGS ATTENDED

4 4

3 4

DIVIDENDS/DISTRIBUTIONS

The principal activity of the company continues to be the The parent entity’s Constitution prohibits the declaration or presentation of musical performances to Australian and international payment of dividends. The managed investment fund did not pay audiences. In addition, the consolidated group operated an any distributions during the year. unregistered, wholesale, managed investment fund which invests in rare, historical, high-quality stringed instruments.

REVIEW OF OPERATIONS

OPERATING RESULT The consolidated net surplus after income tax for the year is $397,168 (2013: $1,264,709). The surplus attributable to external unitholders is $66,778 (2013: $142,357). The amount of the consolidated surplus after tax attributable to the parent entity is $330,390 (2013: $1,122,352). The orchestral operations resulted in a surplus of $236,798 (2013: $966,511).

2014 ANNUAL REPORT

The Australian Chamber Orchestra fulfilled both its national and international remit in 2014 through the presentation of year-long subscription seasons in five states and the ACT, totaling 85 concerts in Adelaide, Brisbane, Canberra, Melbourne, Newcastle, Perth, Sydney and Wollongong as well as regional tours of Tasmania, NSW and WA by its second ensemble ACO2. Internationally, the ACO performed in North America (including a residency in Banff, Canada, and concert performances in Chicago and New York) and extensively in Europe (Amsterdam, Birmingham, Cologne, Dublin, Frankfurt, London, Luxembourg and Vienna).

Directors’C HReport AIRMAN’S REPORT The Chamber Orchestra can be very Company proud of its TheAustralian ACO collaborated with the Bell Shakespeare to artistic, audience access andprogram financialentitled achievements 2013. produce a cross-disciplinary Intimate in Letters, participated in Vivid Sydney and gave the world premiere of Water Itby was a year in which the Orchestra a much Jonny Greenwood, written speciallypresented for the ACO and Artistic higher number of performances in Australia owing to a continued Director Richard Tognetti. The ACO’s Education Program lighter than usual international touring schedule. This its association with the Australian Children’s Music Foundation in the opened several extra projects in the deliveryup of the highopportunity quality musicfor education to primary school students domestic concert season, thereby increasing the potential from disadvantaged areas, and presented the ACO Academy, a box-office for the year. week-longrevenue winter music camp for secondary school children, in Melbourne in July. After almost three years of development and testing, ACO VIRTUAL its first public appearance at launch the Gold Coast The ACOmade Instrument Fund expanded with the of its second Arts Centre in JuneJoseph 2013, attracting greatand public interest and instrument, a 1714 Guarneri violin, attracted a significant extensive This fully digital from number ofpublicity. new investors. Unitsimmersive, in the Fundinteractive were also revalued installation of based the ACO encirclesvaluations the audience with $1.00 to $1.20 on updated of the twolife-size instruments in moving images of the of thegroup ACO,ofinexperts. surroundthe Fund, provided by musicians an independent sound, and enables the user to select individual players, learn ACOindividual VIRTUAL, part, the ACO’s and immersive digital and their buildinteractive up the compositional texture, installation, was exhibited in six regional centres and twowas ‘play with the band.’ This ground-breaking installation metropolitan centres, reaching audiences of 17,280. the result of a wonderfully creative partnership with Michela Ledwidge Mish ACO Sparks of Mod Productions, superb The ACO and launched MOVE, a music and dancewith program created sound recording from Simon Lear of bSound. Intended to specially for young people with disability. bring the ACO closer to audiences in regional Australia, In 2014, the second phase of increases to the ACO VIRTUAL was subsequently installed atmusicians’ the Swan base Hill salaries was implemented, that the musicians’ Regional Gallery in Victoriaensuring in July 2013 butACO’s proved also very remuneration would city be competitive witha special the salaries of the nation’s attractive to capital venues, with installation biggest symphony orchestras. taking place in October at the Sydney Opera House as part of the House’s 40th birthday celebrations.

CHANGES IN STATE OF AFFAIRS

We were delighted that our long-term corporate partner, the Commonwealth Bank of Australia, extended its relationship There were no significant changes in the state of affairs of the with the ACO by becoming Founding Partner of ACO company during the financial year. VIRTUAL and that the creation of this new digital version of the ACO attracted a new corporate partner in Aurizon asSUBSEQUENT Associate PartnerEVENTS for three years. We were also thrilled that Andrew and Nicola Forrest, through the Mindaroo On 11 February 2015, the Board of the Australian ChamberofOrchestra Foundation, immediately recognised the full potential Instrument Fund a new unit price of $1.40. The Board accepted ACO VIRTUAL andsetprovided a generous donation to support the most recent formal valuation of the Instruments as a guide a second set of sound and projection equipment, enabling to the USD value to of the assets the from basis 2014 that the instruments would ACO VIRTUAL double its on reach onwards. at the very least have retained their value. By applying the current We also salute IBM, our celebratedthis AUD/USD exchange rateFounding to the US Partner, valuationwhich and discounting 32 as a key in supporter ofprice the ACO in 2013, it Board byyears 15%, resulting a new unit of $1.40 (frommaking $1.20). The one of the standing arts have parnerships. agreed thatcountry’s the valuelongest of the assets globally been steady due to the prevailing zero/low interest rate environment and consistent Financially, the ACO had a very successful year. Because of with the revaluation in 2014 a discount of 15% to the estimated unit the increased program of concerts at home in Australia, an price was applied, to reflect the illiquid nature of these assets. The ambitious box-office of $7.6M set for the year discount being withintarget the agreed rangewas of 10–15%. and this was ultimately exceeded by a healthy margin of more than $100k – the strongest box-office result in the ACO’s history.

2013 ANNUAL REPORT

2014 ANNUAL REPORT

It was have an impressive yearitems, for Development, there There been no other transactions, although or events of a material were quite big variances in the theopinion revenueoffrom corporate and unusual nature likely, in the directors, to affect significantly the operations of thefundraising consolidated group,The theyear results of sponsorship, philanthropy and events. thosea operations, or the state of in affairs of the consolidated saw shortfall against budget corporate sponsorship group in subsequent financial (down $192k) but anyears. increase in philanthropic donations (up $388k), largely thanks to a generous bequest and the donation from Mindaroo Foundation in support of FUTURE DEVELOPMENTS ACO VIRTUAL. It was also an impressive year for event fundraising, with $770k Orchestra’s coming from a seriesstrong of fundraising The Australian Chamber continued performance dinners and special events aimed at generating support for in 2014 is expected to be sustained in 2015 because of its passionate the ACO’s growing Education Program. and committed supporters and the loyalty of its subscriber base. With revenue well ahead of budget and costs firmly under DIRECTORS’ BENEFITS control, the Orchestra’s operating result for the year is a surplus of $750k, which, when consolidated with the increase value of previous the ACOfinancial Instrument produces an Since theinend of the yearFund, no director of the after-tax surplus of $1.12M. parent entity has received or become entitled to receive any benefit because of a contract made by the company with the director or This result has enabled the ACO to achieve with strong a firm offinancial which the director is a member, or with an entity in accumulated reserves $15.4M, which is 100% of the Board’s which the director has aofsubstantial interest. long-term target of holding in reserves the equivalent of 100% of the company’s annual expenditure. The Reserves INDEMNIFICATION OFtoDIRECTORS OFFICERS Policy has been developed enable the ACOAND to embark on ambitious artistic projects, to provide stability and security During periods the yearof the parent entity paid professional indemnity during economic uncertainty, and to support the and directors’ and officers’ liability insurance premiums forwith all of prospective move by the ACO to new premises by 2019, its directors and officers. The nature of the insurance contract an expectation that the ACO’s next home will enable the providing this cover does not allow the company to disclose either expansion of the Orchestra’s activities to encompass greater the extent of cover or the premium paid. education and community engagement programs. The driver of the success of the ACO remains the ENVIRONMENTAL ISSUES extraordinary band of musicians under Richard Tognetti’s indefatigable leadership and I thank Richard and his The consolidated group’s operations are not regulated by any colleagues for another year of inventive programming and particular and significant environmental regulation under a law of thrilling music-making. the Commonwealth or State. 2013 was a year of very stable governance, with no retirements or INDEPENDENCE rotations among the Board Directors and AUDITOR’S I salute my fellow Directors for their untiring generosity in bringing their expertise and energy to the ACO. It is a under A copy of the auditor’s independence declaration as required privilege to serve as Chairman of this impressive council of is the Australian Charities and Not-for-profits Commission Act 2012 business andthe community leaders. included on following page. Signed in accordance with a resolution of the directors.

GUIDO BELGIORNO-NETTIS AM am GUIDO BELGIORNO-NETTIS Chairman Chairman 7 April 2015

Auditorâ&#x20AC;&#x2122;s Independence Declaration

2014 ANNUAL REPORT

Financial Statements CONSOLIDATED STATEMENT OF SURPLUS OR DEFICIT AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014

REVENUE Performance revenue Sponsorship and donation revenue Government funding revenue Other revenue TOTAL REVENUE

NOTE 4 4(a) 4(b) 4(c) 4(d)

EXPENSES Performance expenses Marketing expenses Development expenses Overhead expenses TOTAL EXPENSES SURPLUS BEFORE INCOME TAX

INCOME TAX EXPENSE SURPLUS FOR THE YEAR AFTER INCOME TAX Surplus attributable to external unitholders SURPLUS ATTRIBUTABLE TO THE PARENT ENTITY

OTHER COMPREHENSIVE INCOME Assets held at fair value Current year revaluation increment Deficit on disposal reclassified to surplus TOTAL OTHER COMPREHENSIVE INCOME Other comprehensive income attributable to external unitholders OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO THE PARENT ENTITY TOTAL COMPREHENSIVE INCOME FOR THE YEAR

CONSOLIDATED 2014 $

2013 $

6,901,110 6,123,506 2,1 1 9,010 1,464,419 16,608,045

7,979,397 5,363,1 24 2,331,935 1,420,307 17,094,763

8,803,873 709,291 576,149 5,948,116 16,037,429 570,616

8,653,680 616,364 521,1 2 1 5,844,299 15,635,464 1,459,299

(173,448) 397,168 (66,778) 330,390

(194,590) 1,264,709 (142,357) 1,122,352

65,660 (17,588) 48,072

201,901 (8,837) 193,064

48,072 378,462

193,064 1,315,416

The above statement of surplus or deficit and other comprehensive income should be read in conjunction with the accompanying notes.

2014 ANNUAL REPORT

Financial Statements CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014 ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Prepayments TOTAL CURRENT ASSETS NON-CURRENT ASSETS Available-for-sale financial assets Property, plant & equipment Investments in rare, historical stringed instruments Inventories Intangibles TOTAL NON-CURRENT ASSETS

NOTE

2013 $

7 8 9

9,408,769 1,1 17,724 8,858 380,915 10,916,266

11,055,388 637,582 10,831 225,304 11,929,105

7,891,379

5,750,054

11 12 9 13

1,448,568 4,662,380 17,805 187,776 14,207,908

1,691,252 3,931,637 8,598 272,717 11,654,258

25,124,174

23,583,363

663,043 1,641,632 580,196

623,056 1,092,357 600,882

TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Liability to external unitholders Employee benefits

CONSOLIDATED 2014 $

14 15 16

Government grants

75,526

74,865

Unearned revenue TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provision for unit fund costs Deferred tax liabilities Employee benefits TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES

5,122,726 8,083,123

5,008,374 7,399,534

19 20 16

398,838 366,769 500,737 1,266,344 9,349,467

154,494 192,541 440,550 787,585 8,187,119

15,774,707

15,396,244

17 12,513,743 3,260,947 15,774,707

17 12,288,860 3,107,367 15,396,244

NET ASSETS EQUITY Share capital Reserves Accumulated surpluses TOTAL EQUITY

21 22 22

Commitments for expenditure

The above statement of financial position should be read in conjunction with the accompanying notes.

2014 ANNUAL REPORT

Financial Statements CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

16 16 16 16 1 17

Transfers to/(from) reserves BALANCE AT 1 JANUARY 2014 Prior period RESTATED OPENING BALANCE CHANGES IN EQUITY Surplus for the year Other comprehensive income Transfer to/(from) reserves BALANCE AT 31 DECEMBER 2014

2,808,968 2,808,968 2,808,968 347,038 3,156,006 3,156,006 (22,536) 3,133,470

606,000 606,000 606,000 606,000 606,000

326,811 (43,674) 283,1 37 193,064 476,201 (199,347) 276,854 276,854

606,000

48,072 199,347 524,273

TOTAL EQUITY $

ACCUMULATED FUNDS $

SPECIAL RESERVES $

ASSET REVALUATIONS $

RESERVE INCENTIVE FUNDING $

CAPITAL CHALLENGE $

SHARE CAPITAL $

CONSOLIDATED BALANCE AT 1 JANUARY 2013 Prior period RESTATED OPENING BALANCE Surplus for the year Other comprehensive income

NOTE

AS AT 31 DECEMBER 2014

8,250,000 8,250,000 8,250,000

2,053,251 79,456 2,132,707 1,122,352 3,255,059 (147,691) 3,107,368 3,107,368

14,045,046 35,782 14,080,828 1,122,352 193,064 15,396,244 15,396,244 1 15,396,245

8,250,000

330,390 (176,811) 3,260,947

330,390 48,072 15,774,707

8,250,000 8,250,000 -

The above statement of changes in equity should be read in conjunction with the accompanying notes.

2014 ANNUAL REPORT

Financial Statements CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014

CASH FLOW FROM OPERATING ACTIVITIES RECEIPTS Receipts from customers Receipts from sponsors and donors Instrument Fund donations Instrument Fund applications Interest/Dividends received CASH FLOWS FROM GOVERNMENT Receipts of government grants Net GST received

NOTE

CONSOLIDATED 2014 $

2013 $

6,718,154 5,999,462 67,602 482,496 727,815

8,153,005 5,093,944 230,527 841,014

2,331,638 -

2 ,511,911 52,570

TOTAL CASH RECEIVED

16,327,167

16,882,971

PAYMENTS Payments to employees Payment to suppliers

(7,218,220) (8,345,904)

(6,815,046) (8,324,925)

449 (15,563,675)

(1,599) (15,141 ,570)

Refund/(Payment) of income tax TOTAL CASH USED NET CASH PROVIDED BY OPERATING ACTIVITIES

763,492

1,741,401

1,411,880 1,411,880

47,349 47,349

CASH FLOW FROM INVESTING ACTIVITIES RECEIPTS Proceeds from sales of financial assets TOTAL CASH RECEIVED PAYMENTS Payments for property, plant, equipment and intangibles Payment for investment in rare, historical stringed instrument Purchases of available for sale financial assets TOTAL CASH USED

(184,462) (149,984) (3,487,545) (3,821,991)

(845,667) (1,499,834) (404,976) (2,750,477)

NET CASH USED IN INVESTING ACTIVITIES

(2,410,1 1 1 )

(2,703,1 28)

NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

(1,646,619) 11,055,388 9,408,769

(961,727) 12,017,1 1 5 11,055,388

The above statement of cash flows should be read in conjunction with the accompanying notes.

2014 ANNUAL REPORT

Notes to the Consolidated Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2014 NOTE

DESCRIPTION

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

INTRODUCTION AND STATEMENT OF COMPLIANCE CHANGES IN ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REVENUE EXPENSES INCOME TAX EXPENSE CASH AND CASH EQUIVALENTS TRADE AND OTHER RECEIVABLES INVENTORIES AVAILABLE-FOR-SALE FINANCIAL ASSETS PROPERTY, PLANT & EQUIPMENT INVESTMENTS IN RARE, HISTORICAL STRINGED INSTRUMENTS INTANGIBLES TRADE AND OTHER PAYABLES LIABILITY TO EXTERNAL UNITHOLDERS

62 62 63 67 67 68 68 68 68 69 69 70 70 70 71

16 17 18 19 20 21 22 23 24 25 26 27 28 29

EMPLOYEE BENEFITS GOVERNMENT GRANTS UNEARNED REVENUE PROVISION FOR UNIT FUND COSTS DEFERRED TAX LIABILITY SHARE CAPITAL RESERVES AND ACCUMULATED SURPLUSES FAIR VALUE MEASUREMENT COMMITMENTS FOR EXPENDITURE CREDIT STANDBY ARRANGEMENTS RELATED PARTY DISCLOSURES PARENT ENTITY INFORMATION SUBSEQUENT EVENTS CHARITABLE FUNDRAISING

71 71 72 72 72 72 73 74 74 74 75 76 76 76

2014 ANNUAL REPORT

PAGE

NOTE 1: INTRODUCTION AND STATEMENT OF COMPLIANCE This financial report includes the consolidated financial statements and notes of the Australian Chamber Orchestra Pty Ltd and controlled entities (‘Group’) for the year ended 31 December 2014. These financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Australian Charities and Not-For-Profits Commission Act 2012. The Australian Chamber Orchestra is a not-for-profit entity for the purpose of preparing the financial statements. The consolidated financial statements for the year ended 31 December 2014 were approved and authorised for issue by the board of directors on 7 April 2015.

NOTE 2: CHANGES IN ACCOUNTING POLICIES New and revised standards that are effective for these financial statements A number of new and revised standards are effective for annual period beginning on or after 1 January 2014. Information on these new standards is presented below. AASB 10 Consolidated Financial Statements AASB 10 supersedes the consolidation requirements in AASB 127 Consolidated and Separate Financial Statements (AASB 127) and AASB Interpretation 112 Consolidation - Special Purpose Entities. AASB 10 revises the definition of control and provides extensive new guidance on its application. These new requirements have the potential to affect which of the Group’s investees are considered to be subsidiaries and therefore to change the scope of consolidation. The requirements on consolidation procedures, accounting for changes in non-controlling interests and accounting for loss of control of a subsidiary are unchanged. AASB 10 is applicable to not-for-profit entities for annual reporting periods beginning on or after 1 January 2014. To assist not-for-profit entities applying the AASB 10, the AASB issued AASB 2013-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities – Control and Structured Entities on 31 October 2013. AASB 2013-8 added an appendix to AASB 10 to explain and illustrate how the principles in AASB 10 apply from the perspective of not-for-profit entities in the private and public sectors, particularly to address circumstances where a for-profit perspective does not readily translate to a not-for-profit perspective. Similarly, it added an appendix to AASB 12 Disclosure of Interests in Other Entities, in relation to structured entities. AASB 10 (and AASB 2013-8) became applicable to not-for-profit entities for annual reporting periods beginning on or after 1 January 2014. Management has reviewed its control assessments in accordance with AASB 10 and has concluded that there is no effect on the classification (as subsidiaries or otherwise) of any of the Group’s investees held during the period or comparative periods covered by these financial statements.

2014 ANNUAL REPORT

AASB 11 Joint Arrangements AASB 11 supersedes AASB 131 Interests in Joint Ventures (AAS 131) and AASB Interpretation 113 Jointly Controlled Entities – Non-Monetary-Contributions by Venturers. AASB 11 revises the categories of joint arrangement, and the criteria for classification into the categories, with the objective of more closely aligning the accounting with the investor’s rights and obligations relating to the arrangement. In addition, AASB 131’s option of using proportionate consolidation for arrangements classified as jointly controlled entities under that Standard has been eliminated. AASB 11 now requires the use of the equity method for arrangements classified as joint ventures (as for investments in associates). AASB 11 became applicable to not-for-profit entities for annual reporting periods beginning on or after 1 January 2014. The adoption of AASB 11 has not had any significant impact on the Group. AASB 12 Disclosure of interests in Other Entities AASB 12 integrates and makes consistent the disclosure requirements for various types of investments, including unconsolidated structured entities. It combines the existing disclosures in AASB 127, AASB 128 & AASB 131, and introduces a range of new disclosure requirements. AASB 12 became applicable to not-for-profit entities for annual reporting periods beginning on or after 1 January 2014. The adoption of AASB 12 has not had any significant impact on the Group. AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities AASB 2012-3 adds application guidance to AASB 132 to address inconsistencies identified in applying some of the offsetting criteria of AASB 132, including clarifying the meaning of “currently has a legally enforceable right of set-off” and that some gross settlement systems may be considered equivalent to net settlement. AASB 2012–3 is applicable to annual reporting periods beginning on or after 1 January 2014. The adoption of these amendments has not had a material impact on the Group as the amendments merely clarify the existing requirements in AASB 132. AASB 2013-6 Amendments to AASB 136 arising from Reduced Disclosure Requirements AASB 2013-6 makes amendments to AASB 136 Impairment of Assets to establish reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements arising from AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets. AASB 2013-3 made narrow scope amendments to AASB 136, addressing disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal. AASB 2013-6 became applicable to annual reporting periods beginning on or after 1 January 2014. The adoption of these amendments has not had a material impact on the Group.

NOTE 2: CHANGES IN ACCOUNTING POLICIES (CONTINUED) Amendments to AASB 119 Employee Benefits The 2011 amendments to AASB 119 made a number of changes to the accounting for employee benefits. These included amended definitions of short-term and other long-term employee benefits, which will likely impact the measurement and classification of annual leave liabilities. The superseded AASB 119 defined shortterm employee benefits as those due to be settled within 12 months after the end of the period in which employees render the service. The revised AASB defines them as benefits that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employee renders the related service. This amendment has had no significant impact on the entity.

NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Overall considerations The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarised below. The consolidated financial statements have been prepared using the measurement bases specified by Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below. Basis of consolidation The consolidated financial statements consolidate those of the parent entity, Australian Chamber Orchestra Pty Ltd, and its controlled entities as at 31 December each year. The Group obtains and exercises control through having a majority of directors on the board of a controlled entity in common with the board of the parent entity. The term Group used throughout these financial statements means the parent entity and its controlled entities. Note 26 provides details of the entities comprising the Group.

Fair value of musical instruments and rare, historical stringed instruments Management used valuation techniques to determine the fair value of its musical instruments and rare, historical stringed instruments. These values are supported by market evidence. Management relies on the advice of external professional valuers that have sufficient expertise, knowledge and experience with respect to the available market and the condition of the instruments. The fair value may vary from the actual market price that would be achieved in an arm’s length transaction at the reporting date. Useful lives of depreciable assets Management estimates the useful lives of its depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties exist in relation to technical obsolescence that may change the utility of certain software and IT/Musical Equipment. Inventories The net realisable value of inventories is estimated by taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by market-driven changes that may reduce the future selling price. Long service leave Long service leave liability is measured at the present value of the estimate cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account. Provision for unit fund costs The provision for unit fund costs estimates the future cash outflows relating to the transaction costs and the liquidity risk of units in the fund at the reporting date. The estimate of these outflows may vary from the actual outflows.

3.1 REVENUE RECOGNITION Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed are net of goods and services tax (GST).

The financial statements of the controlled entities are prepared for the same reporting period as the parent entity using consistent The following specific recognition criteria must also be met before accounting policies. Adjustments are made to bring into line any revenue can be recognised: discrepancies that may exist in accounting policies. All intercompany balances and transactions have been eliminated in full. (a) Performance revenue Revenue from ticket sales is recognised in the Consolidated Non controlling interests, external unitholders, in the Australian Statement of Surplus or Deficit and Other Comprehensive Chamber Orchestra Instrument Fund, are presented as a liability and Income at the time of concert performances. Revenue in respect represent the portion of the profit or loss of the Australian Chamber of productions not yet performed is included in the Consolidated Orchestra Instrument Fund and net assets that are not held by the Statement of Financial Position as unearned revenue under Group. The Group attributes total comprehensive income or loss of Current Liabilities. the Australian Chamber Orchestra Instrument Fund between the owners of the parent and the external unitholders based on their (b) Sponsorship and donations revenue respective ownership interests. Sponsorship commitments are brought to account as income in the year in which sponsorship benefits are bestowed. A Significant judgements and key assumptions contribution of a non-financial asset is recognised as an asset Information about estimates and assumptions that have the when the Group gains control of the contribution. Accordingly, most significant effect on recognition and measurement of asset, the fair value of the asset is recognised as revenue at the same liabilities, income and expenses is provided below. Actual results date. may be substantially different. Donations are brought to account as received.

2014 ANNUAL REPORT

NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

3.4 INVENTORIES Finished goods are stated at the lower of cost and net realisable value. Costs are assigned to individual items of stock on the basis of weighted average costs.

(c) Funding revenue A number of the group’s programs are supported by grants received from the federal, state and local governments. If there are conditions attached to a grant which must be satisfied before 3.5 MUSICAL PERFORMANCES the company is eligible to receive the contribution, recognition of the grant as revenue is deferred until those conditions are The costs associated with musical performances that are incurred satisfied. in the current financial year in respect of productions not yet performed are included in the Consolidated Statement of Financial Revenue from a grant that is not subject to conditions is Position as prepayments under Current Assets. recognised when the company obtains control of the funds, economic benefits are probably and the amount can be 3.6 AVAILABLE-FOR-SALE FINANCIAL ASSETS measured reliabily. (d) Interest and dividend revenue Interest revenue is recognised using the effective interest rate method. Dividend revenue is recognised when the dividend is received.

3.2 INCOME TAX The parent entity is exempt from income tax under Div 50-5 Item 1.1 of the Income Tax Assessment Act 1997. The Australian Chamber Orchestra Instrument Fund Pty Ltd is subject to tax. Income tax expense recognised in the surplus or deficit comprises the sum of deferred tax and current tax.

Available-for-sale assets are those financial assets that are designated as available-for-sale or are not classified as either financial assets at fair value through surplus or deficit, loans and receivables or held-to-maturity investments. When an available-forsale financial asset is recognised initially, it is measured at its cost which represents its fair value. After initial recognition available-for-sale financial assets are measured at fair value with gains or losses being recognised as a separate component of equity until the asset is derecognised or until the asset is determined to be impaired, at which time the cumulative gain or loss previously reported in equity is recognised in the surplus or deficit.

Current income tax comprises those obligations to the Australia Taxation Office (ATO) and other fiscal authorities relating to the current or prior reporting periods, that are unpaid at reporting date. Current tax is payable on the taxable surplus, which differs from surplus or deficit in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted by the end of the reporting period.

The fair value of assets that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For assets with no active market, fair value is determined using valuation techniques. Such techniques include: using recent arm’s length market transactions; reference to the current market value of another instrument that is substantially the same; discounted cash flow analysis; and option pricing models.

Deferred income tax is calculated using the liability method on temporary differences between the carrying amount of assets and liabilities and their tax bases.

3.7 PROPERTY, PLANT AND EQUIPMENT

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted by the end of the reporting period. Deferred tax assets and liabilities are offset only when a right of setoff and an intention to set-off current tax assets and liabilities from the same taxation authority exists.

Leasehold improvements & other property, plant & equipment Leasehold improvements, IT equipment and other equipment are stated at historical cost less accumulated amortisation or depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Musical instruments Musical instruments are stated at fair values determined by periodic independent valuations. For new acquisitions of instruments the fair value equates to the cost price.

Changes in deferred tax asset or liabilities are recognised as a component of tax benefit or expense in surplus or deficit, except where they relate to items that are recognised in other comprehensive income, in which case the related deferred tax is also Increases in the carrying amount of a class of assets arising on a revaluation are credited to a revaluation reserve in equity. Decreases recognised in other comprehensive income, respectively. that offset previous increases in a class of assets are charged against the revaluation reserve in equity; all other decreases are 3.3 RECEIVABLES charged to the Consolidated Statement of Surplus or Deficit and Other Comprehensive Income. Trade receivables are carried at amounts due at balance date. Refer to Note 11 for particulars of the revaluation to fair value, The collectability of debts is reviewed on an ongoing basis and at balance date a specific allowance is made for any doubtful accounts. movements during the year and depreciation and amortisation methods and rates used. An allowance for doubtful debts is made when there is objective evidence that the Group will not be able to collect the debt. Bad debts are written off when identified. 2014 ANNUAL REPORT

NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Depreciation and amortisation Depreciation is calculated on a straight line basis to write off the net cost or relevant amount of each item of plant and equipment over its expected useful life to the Group. Estimates of remaining useful lives are made on a regular basis for all assets, with annual reassessments for major items. The cost of improvements to or on leasehold properties is amortised over the expired period of the lease or the estimated useful life of the improvement, whichever is the shorter. The useful life applicable in the current year was six years. Impairment The carrying values of property, plant and equipment are reviewed for impairment at each reporting date and an impairment loss recognised whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount is the higher of the assets fair value less costs to sell and value in use. Impairment losses are recognised in the Consolidated Statement of Surplus or Deficit and Other Comprehensive Income. Derecognition and disposal Items of property, plant and equipment are derecognised on disposal. Gains or losses are determined by comparing any proceeds with the carrying amount and are included in surplus or deficit in the year the asset is derecognised and any amount included in reserves transferred to general surplus.

3.8 INVESTMENT IN RARE, HISTORICAL STRINGED INSTRUMENTS The Group invests in rare, historical stringed instruments for capital appreciation, and these are accounted for using the fair value model. For new acquisitions, the fair value equates to the cost price. The Board considers the valuation of the instruments each year and revalues them every two years. The instruments are included in the Consolidated Statement of Financial Position at their market value. These values are supported by market evidence and are determined by external professional valuers that have sufficient experience, expertise and knowledge with respect to the available market and the condition of the instruments. Any gain or loss resulting from a change in the fair value of rare, historical musical instruments is immediately recognised in surplus of deficit within other revenue as change in fair value of rare, historical stringed instruments. Refer to Note 12 for particulars of the fair value adjustments.

3.9 INTANGIBLES Software and website developments are stated at historical cost less accumulated amortisation and any impairment losses. Historical cost includes expenditure incurred in building or enhancing the parent entity’s website, to the extent that it represents probable future economic benefits controlled by the company that can be reliably measured. Costs in relation to feasibility studies during the planning phase of a website, and ongoing costs of maintenance during the operating phase are charged as expenses in the period in which they are incurred. 2014 ANNUAL REPORT

The cost of website development is amortised on a straight line basis over the estimated useful life of the asset. Expenditure on advertising and promotional activities is recognised as an expense when the Group either has the right to access the goods or has received the service. Refer to Note 13 for movements during the year and amortisation methods and rates used.

3.10 LEASED ASSETS Leases of assets are classified as operating leases as the lessors retain substantially all of the risks and benefits of ownership. Payments made under operating leases are charged to the Statement of Surplus or Deficit and Other Comprehensive Income on a straight-line basis over the period of the lease.

3.11 GOVERNMENT GRANTS AND UNEARNED REVENUE The liabilities for government grants and unearned revenue represent the un-utilised amounts of grants and sponsorships received on conditions that specified services are delivered or conditions fulfilled. Generally the services are delivered or conditions fulfilled within twelve months after the reporting date.

3.12 EMPLOYEE BENEFITS Provisions for employee entitlements to wages, salaries and annual leave represent the amounts which the Group has a present obligation to pay resulting from employees’ services provided up to balance date. The provisions have been calculated at wage and salary rates which are expected to be paid when the liability is settled and include related on-costs. Long service leave liability represents the present value of the estimated future cash outflows to be made by the employer resulting from employees’ services provided up to balance date and takes into account estimates of attrition rates and pay increases through promotion and inflation. Liabilities for employee benefits which are not expected to be settled within twelve months are discounted using the rates attaching to national government securities at balance date which most closely match the terms of maturity of the related liabilities.

3.13 PROVISION FOR UNIT FUND COSTS The provision for unit fund costs represents the estimated future cash flows that Management estimates could result from transactions costs and the liquidity risk relating to units in the Australian Chamber Orchestra Instrument Fund. The fund invests in rare, historical stringed instruments which are infrequently traded and the units themselves are restricted to limited withdrawal opportunities and are not traded in an organised public market but can be transferred privately to other wholesale investors.

NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.14 GOODS AND SERVICES TAX (GST) Revenues, expenses and assets are recognised net of the amount of GST, unless the amount of GST incurred is not recoverable from the ATO when it is recognised as part of the cost of acquisition of an asset or as part of the expense. Receivables and payables are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the ATO is classified within operating cash flows.

3.15 SUPERANNUATION PLANS The parent entity contributes to several defined-contribution superannuation plans. Contributions are recognised as an expense in the period in which employee services are rendered.

2014 ANNUAL REPORT

NOTE 4: REVENUE

CONSOLIDATED 2014 $

NOTE 4(A) – PERFORMANCE REVENUE Subscriptions Single ticket sales Concert fees - Domestic Concert fees - International Other performance revenue

NOTE 4(B) – SPONSORSHIP AND DONATION REVENUE Sponsorships Donations received Instrument Fund Donations Fundraising revenues

NOTE 4(C) – GOVERNMENT FUNDING REVENUE Australia Council – Major Performing Arts Fund Arts Qld AusIndustry – Playing Australia Arts NSW Other government grants

NOTE 4(D) – OTHER REVENUE Interest and dividends received Change in fair value of investment in rare, historical stringed instruments Other revenue

NOTE 5: EXPENSES

2013 $

4,067,882 2,403,887 83,866 236,825 108,650 6,901,1 1 0

3,971,15 4 3,749,108 61,793 146,288 51,054 7,979,397

1,819,828 3,1 47,898 167,602 988,178 6,123,506

1,807,360 2,347,1 2 7 230,527 978,1 1 0 5,363,1 2 4

1,823,752 74,865 193,630 26,763 2,1 19,010

1,791,506 61,000 83,62 1 234,375 161,433 2,331,935

817,251 580,759 66,409 1,464,419

720,023 641,804 58,480 1,420,307

CONSOLIDATED 2014 $

2013 $

The surplus for the year includes the following specific items: NOTE 5(A) – INVENTORIES Amount of inventories recognised as an expense NOTE 5(B) – OTHER EXPENSES Foreign exchange losses

2014 ANNUAL REPORT

9,866

11,316

5,548

16,666

NOTE 6: INCOME TAX EXPENSE The major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of 30% and the reported tax expense in surplus or deficit are as follows: Surplus before tax Domestic tax rate EXPECTED TAX EXPENSE Adjustment for tax-exempt income: Relating to not for profit status of parent entity Adjust prior year overs/unders Adjustment for non-deductible expenses: Relating to provision for liquidity ACTUAL TAX EXPENSE TAX EXPENSE COMPRISES: Current tax (income)/expense Deferred tax expense (income) Origination of temporary differences TAX EXPENSE

NOTE 7: CASH AND CASH EQUIVALENTS Cash at bank and on hand Short term deposits CLOSING BALANCE

NOTE 8: TRADE AND OTHER RECEIVABLES Trade accounts receivable Allowance for doubtful accounts Interest receivable GST recoverable Other receivables Allowance for doubtful accounts CLOSING BALANCE

NOTE 9: INVENTORIES

CONSOLIDATED 2014 $

2013 $

570,616 30% 171,185

1,459,299 30% 437,790

(71,040) -

(289,953) 405

73,303 173,448

46,348 194,590

(780) 174,228 173,448

2,049 192,541 194,590

CONSOLIDATED 2014 $ 2013 $ 172,081 465,766 9,236,688 10,589,622 9,408,769 11,055,388

CONSOLIDATED 2014 $ 390,574 (36,900) 353,674 206,841 104,571 311,412 490,299 (37,661) 452,638 1,117,724

CONSOLIDATED 2014 $

2013 $ 274,341 (74,561) 199,780 117,405 225,105 342,510 95,292 95,292 637,582

2013 $

CDS, DVDS AND BOOKS ON HAND At net realisable value CLOSING BALANCE

26,663 26,663

19,429 19,429

Current Non-current CLOSING BALANCE

8,858 17,805 26,663

10,831 8,598 19,429

2014 ANNUAL REPORT

NOTE 10: AVAILABLE-FOR-SALE FINANCIAL ASSETS FINANCIAL ASSETS Available-for-sale financial assets are those non-derivative financial assets, principally equity securities, that are designated as available-for-sale and are held at market value. RECONCILIATION OF OPENING AND CLOSING BALANCES OF INVESTMENTS Opening balance Additions Disposals Revaluation increments CLOSING BALANCE

NOTE 11: PROPERTY, PLANT & EQUIPMENT Details of the Group’s property, plant and equipment and their carrying amounts are as follows: AT COST: LEASEHOLD IMPROVEMENTS Leasehold improvements – at cost Accumulated amortisation OTHER PLANT & EQUIPMENT Other plant and equipment – at cost Accumulated depreciation AT FAIR VALUE: MUSICAL INSTRUMENTS Musical instruments – at fair value Accumulated depreciation TOTAL PROPERTY, PLANT AND EQUIPMENT

RECONCILIATION OF THE OPENING AND CLOSING BALANCES Leasehold Other Property, Improvements Plant & Equipment (at cost) $ (at cost) $ CARRYING AMOUNT AT 1 JANUARY 2014 185,405 831,797 Additions/(disposals) (3) 116,664 Depreciation/amortisation (40,320) (312,852) CARRYING AMOUNT AT 31 DECEMBER 2014 145,082 635,609

CONSOLIDATED 2014 $

2013 $

7,891,379

5,750,054

5,750,054 3,487,545 (1,394,293) 48,073 7,891,379

5,190,526 404,976 (38,512) 193,064 5,750,054

CONSOLIDATED 2014 $

2013 $

411,908 (266,826) 145,082

411,9 1 1 (226,506) 185,405

1,771,582 (1,135,973) 635,609

1,654,918 (823,1 2 1) 831,797

875,012 (207,135) 667,877 1,448,568

864,773 (190,723) 674,050 1,691,252

Musical Instruments (at fair value) $ 674,050 10,239 (16,412) 667,877

TOTAL $ 1,691,252 126,900 (369,584) 1,448,568

Depreciation The straight line method of amortisation is used to amortise leasehold improvements over the remaining period of the lease. The straight line method of depreciation is used to depreciate plant and equipment over 3–7 years and musical instruments over 50 years. Revaluations Musical instruments are revalued periodically by registered valuers and were last revalued at 31 December 2011. The pianos were revalued by Theme and Variations Piano Services. The harpsichord was revalued by Bill Bright. The stringed instruments were revalued by J & A Beare Ltd. At 31 December 2014, the directors reviewed the carrying value of the instruments for impairment with no adjustments other than depreciation being considered appropriate.

2014 ANNUAL REPORT

NOTE 12: INVESTMENTS INÂ RARE, HISTORICAL STRINGED INSTRUMENTS

CONSOLIDATED 2014 $

2013 $

3,931,637 149,984 580,759 4,662,380

1,790,000 1,499,833 641,804 3,931,637

Details of the Group's investment in rare, historical stringed instruments and their fair value are as follows: Opening balance Additions Change in the fair value through surplus or deficit CLOSING BALANCE

Rare, historical stringed instruments are valued periodically by registered valuers and were last valued at 2 May 2014 by Peter Biddulph Limited. At 31 December 2014, the directors reviewed the fair value of these instruments and determined the fair value to be appropriate.

NOTE 13: INTANGIBLES

CONSOLIDATED

SOFTWARE Software - at cost Accumulated amortisation WEBSITE Website - at cost Accumulated amortisation TOTAL INTANGIBLE ASSETS

2014 $

2013 $

416,776 (383,273) 33,503

413,538 (354,424) 59,114

719,558 (565,285) 154,273 187,776

681,075 (467,472) 213,603 272,717

RECONCILIATION OF THE OPENING AND CLOSING BALANCES CARRYING AMOUNT AT 1 JANUARY 2014 Additions Amortisation expense CARRYING AMOUNT AT 31 DECEMBER 2014

SOFTWARE $ 59,11 4 3,239 (28,850) 33,503

WEBSITE $ 213,603 38,483 (97,813) 154,273

TOTAL $ 272,717 41,722 (126,663) 187,776

The straight line method of amortisation is used to amortise Software over 3-5 years and the Website over 3 years. Amortisation is included in the Overhead expenses line in the Consolidated Statement of Surplus or Deficit and Other Comprehensive Income.

NOTE 14: TRADE AND OTHER PAYABLES Trade creditors

CONSOLIDATED 2014 $ 264,274

2013 $ 373,154

Accrued expenses Other payables CLOSING BALANCE

51,538 347,231 663,043

62,867 187,035 623,056

2014 ANNUAL REPORT

NOTE 15: LIABILITY TO EXTERNAL UNITHOLDERS

CONSOLIDATED 2014 $

2013 $

Movement in the liability to external unit holders in the Australian Chamber Orchestra Instrument Fund (“the Fund”) during the period were as follows: Opening balance Applications Redemptions Profit attributable to external unitholders CLOSING BALANCE

1,092,357 532,497 (50,000) 66,778 1,641,632

950,000 142,357 1,092,357

As stipulated within the Trust Deed, each unit represents a right to an individual share in the Fund and does not extend to a right to the underlying assets of the Fund. There are no separate classes of units and each unit has the same rights attaching to it as all the other units of the Fund. Capital and liquidity risk management The Fund considers its net assets attributable to unit holders as capital, not withstanding net assets attributable to unit holders are classified as a liability. The amounts of net assets attributable to unit holders are subject to daily applications and periodical redemptions. Applications can be made at any time by wholesale clients. A unit in the Fund is an illiquid investment. The Trustee will provide periodic withdrawal opportunities under which a limited number of units will be purchased by the Australian Chamber Orchestra Pty Limited on a pro-rata basis from investors who wish to participate in the relevant withdrawal opportunity. The Trustee intends to provide these withdrawal opportunities every three years. The first withdrawal window opportunity for redemption since the creation of the Fund arose in 2014 at which time 50,000 units were redeemed. The next opportunity will be in 2017. Additionally, if the Trustee determines that the Fund’s cash levels materially exceed its forecast requirements, it may offer a pro-rata redemption opportunity or make a pro-rata capital distribution to unit holders.

NOTE 16: EMPLOYEE BENEFITS

CONSOLIDATED 2014 $

2013 $

RECONCILIATION OF EMPLOYEE BENEFITS: Opening balance Provided during the year CLOSING BALANCE

1,041,432 39,502 1,080,934

852,000 189,432 1,041,432

ANALYSIS OF EMPLOYEE BENEFITS: Current Non-current CLOSING BALANCE

580,196 500,737 1,080,933

600,882 440,550 1,041,432

NOTE 17: GOVERNMENT GRANTS GRANTS IN ADVANCE: Arts NSW Arts Queensland CLOSING BALANCE

2014 ANNUAL REPORT

CONSOLIDATED 2014 $

2013 $

34,043 41,483 75,526

74,865 74,865

NOTE 18: UNEARNED REVENUE Subscription series revenue in advance Ticket income in advance Sponsorships in advance Other unearned revenue CLOSING BALANCE

NOTE 19: PROVISION FOR UNIT FUND COSTS Provision for fund costs Provision cost per unit

CONSOLIDATED 2014 $ 2013 $ 4,158,349 4,027,559 543,607 434,204 361,691 509,228 59,079 37,383 5,122,726 5,008,374

CONSOLIDATED 2014 $ 398,838 $ 0.12

2013 $ 154,494 $ 0.08

The provision for unit fund costs represents the estimated future cash flows that management estimates could result from transactions costs and the liquidity risk relating to units in the Australian Chamber Orchestra Instrument Fund. The fund invests in rare, historical stringed instruments which are infrequently traded and the units themselves are restricted to limited withdrawal opportunities and are not traded in an organised public market but can be transferred privately to other wholesale investors.

NOTE 20: DEFERRED TAX LIABILITY

CONSOLIDATED 2014 $

2013 $

192,541 174,228 366,769

192,541 192,541

NUMBER OF SHARES

100

Deferred taxes arising from temporary difference can be summarised as follows: INVESTMENT IN RARE, HISTORICAL STRINGED INSTRUMENTS AT 1 JANUARY Change in fair value recognised in surplus or deficit AT 31 DECEMBER

NOTE 21: SHARE CAPITAL AUTHORISED: Ordinary shares of $1 each

Shares in the parent entity may not be transferred or otherwise dealt with except as set out in the parent entity's Constitution. Ordinary shareholders are not entitled to receive any dividends, bonuses or fees, nor are they entitled to a share of the proceeds upon a winding up of the parent entity. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote only. ISSUED: Ordinary shares of $1 each fully paid

2014 ANNUAL REPORT

NOTE 22: RESERVES AND ACCUMULATED SURPLUSES RESERVES Asset revaluation: Investments Musical instruments Special purpose Reserve Incentive Funding Scheme Capital Challenge CLOSING BALANCE

CONSOLIDATED 2014 $

121,965 402,308 8,250,000 606,000 3,133,470 12,513,743

2013 $

51,357 225,497 8,250,000 606,000 3,156,006 12,288,860

Reserve Incentive Funding Scheme Reserve The funds received under the Reserve Incentive Funding Scheme, together with the parent entity’s contribution are held in escrow and are subject to the terms and conditions of the Reserves Incentive Funding Scheme agreement. They have not been used to secure any liabilities of the parent entity. Any net income earned from the reserves is available for use by the parent entity without further restriction. Capital Challenge The ACO Capital Challenge is a secure fund which will permanently strengthen the ACO. During the year the Capital Challenge earned net income of $176,811 and had unrealised gains of $33,718. During the year the company transferred nil from the Capital Challenge Reserve to meet the costs of the 'ACO Capital Challenge'. Special purpose Reserves Instrument Fund Redemption Reserve The Australian Chamber Orchestra Instrument Fund will provide investors with withdrawal opportunities from the Fund every three years, limited to $500,000 at each withdrawal window. It is intended that those withdrawals will be funded by the parent entity which shall buy those units from those investors seeking to participate in the withdrawal opportunity. Special Purpose Reserves Other Reserves Funds have been transferred to reserves to fund the company’s relocation to new premises, education and to support emerging artists programs, create new exceptional music collaberations, commission new works and develop the ACO’s unique programming to the international stage and to seed fund the purchase of instruments for the Instrument Fund.

ACCUMULATED SURPLUSES RECONCILIATION OF MOVEMENT DURING 2014 Opening balance Surplus for the year Transferred to reserves CLOSING BALANCE

2014 ANNUAL REPORT

CONSOLIDATED 2014 $ 3,260,947

2013 $ 3,107,368

3,107,368 330,390 (176,811) 3,260,947

2,132,707 1,122,352 (147,691) 3,107,368

NOTE 23: FAIR VALUE MEASUREMENT

CONSOLIDATED 2014 $

2013 $

23.1 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS ASSETS Listed securities NET FAIR VALUE

7,891,379 7,891,379

5,750,054 5,750,054

4,662,380 667,877 5,330,257

3,931,637 674,050 4,605,687

The fair value of listed securities is their market price at the reporting date. 23.2 FAIR VALUE MEASUREMENT OF NON-FINANCIAL INSTRUMENTS PROPERTY, PLANT & EQUIPMENT Rare, historical musical instruments Musical instruments NET FAIR VALUE

The rare, historical musical instruments were revalued on 2 May 2014. The musical instruments were previously revalued on 31 December 2011. The fair value of rare, historical musical instruments and musical instruments is estimated based on valuations provided by independent, suitably qualified, experienced valuers of rare, historical, high quality stringed instruments.

NOTE 24: COMMITMENTS FOR EXPENDITURE OPERATING LEASES Total future minimum lease payments under non-cancellable operating leases payable: Within one year Later than one and not later than five years Later than five years CLOSING BALANCE

CONSOLIDATED 2014 $

2013 $

244,475 658,743 903,218

234,076 765,926 73,21 2 1,073,214

Commitments are GST inclusive where relevent. Operating leases included are effectively non-cancellable and comprise: — Monthly rental agreements for office equipment expiring between July 2016 and October 2018; — Office premises lease expiring November 2019 subject to annual CPI reviews. There are no contingent rents payable, no renewal or purchase options and, with the exception of the Office premises, no escalation clauses.

NOTE 25: CREDIT STANDBY ARRANGEMENTS The parent entity has an unsecured bank overdraft facility in the amount of $150,000. TOTAL AMOUNT OF CREDIT UNUSED AT 31 DECEMBER

2014 ANNUAL REPORT

CONSOLIDATED 2014 $ 150,000

2013 $ 150,000

NOTE 26: RELATED PARTY DISCLOSURES CONTROLLED ENTITIES The Australian Chamber Orchestra Instrument Fund Pty Ltd was a controlled entity at 31 December 2014. The entity was incorporated on 10 December 2010. The Australian Chamber Orchestra Instrument Fund Pty Ltd is the Trustee for the Australian Chamber Orchestra Instrument Fund. The entity is a controlled entity as the majority of the directors of the entity are directors of Australian Chamber Orchestra Pty Ltd. As at 31 December 2014, the entity held cash of $110,000 (2013: $nil ), in trust for applicants for units in the Australian Chamber Orchestra Instrument Fund. The Australian Chamber Orchestra Instrument Fund was a controlled entity at 31 December 2014. The entity was formed on 14 July 2011. As at 31 December 2014 the entity held cash of $4,780 (2013: $nil) As at 31 December 2014, the entity had issued 3,250,711 units (2013: 1,990,000) and the Australian Chamber Orchestra Pty Ltd held 1,897,091 units (2013: 1,040,000). On 15 May 2014, the Fund revalued the unit price to $1.20 (2013: $1.15). NAME OF CONTROLLED ENTITY

Reporting Date

Australian Chamber Orchestra Instrument Fund Pty Ltd Australian Chamber Orchestra Instrument Fund

30 June 30 June

Ownership Interest 0% 58%

TRANSACTIONS WITH RELATED PARTIES The parent entity transferred the Stradivarius violin to the Australian Chamber Orchestra Instrument Fund for $1,790,000 in 2011, in exchange for units in the Australian Chamber Orchestra Instrument Fund. The consideration of $1,790,000 was the cost originally paid by the parent entity for the violin. On 12 March 2014 the Fund purchased a rare Guarneri 1714 violin for $1,649,817. The Guarneri 1714 violin was purchased from the Australian Chamber Orchestra Pty Ltd in exchange for 1,260,711 units valued at $1.15 in the Fund and cash of $199,999. The parent entity and the Australian Chamber Orchestra Instrument Fund have signed an “Instrument Hire” agreement whereby for a nominal fee (which includes insurance, marketing and administration expenses), the parent entity can utilise the instruments owned by the Australian Chamber Orchestra Instrument Fund. The parent entity and The Australian Chamber Orchestra Instrument Fund Pty Ltd have signed a “Fund Administration Agreement” whereby the parent entity agrees to provide fund administration, instrument management and general asset management duties on behalf of the Australian Chamber Orchestra Instrument Fund Pty Ltd at no cost. The parent entity has incurred administrative costs of $140,277 (2013: $78,308) on behalf of Australian Chamber Orchestra Instrument Fund Pty Ltd during the year ended 31 December 2014. These costs are not subject to reimbursement by the Australian Chamber Orchestra Instrument Fund Pty Ltd. RELATED PARTY DISCLOSURES CONTINUED Directors and parties related to the directors of the parent entity held units in the Australian Chamber Orchestra Instrument Fund as follows: 2014 UNITHOLDER

Wyargine Holdings Pty Ltd Alochan Pty Ltd ATF Sharetrust WD Best James Super Fund JG Taberner TOTAL 2013 UNITHOLDER

Wyargine Holdings Pty Ltd WD Best James Super Fund JG Taberner TOTAL 2014 ANNUAL REPORT

Units Opening Number 200,000

Units Disposed Number 100,000 100,000

Units Closing Number 200,000 100,000 100,000 50,000 450,000

Fair Value Interest Held Distributions Paid

50,000 50,000 100,000 400,000

Units Acquired Number 100,000 50,000 150,000

Units Opening Number 200,000 50,000 50,000 100,000 400,000

Units Acquired Number -

Units Disposed Number -

Units Closing Number 200,000 50,000 50,000 100,000 400,000

Fair Value

240,000 120,000 120,000 60,000 540,000

230,000 57,500 57,500 115,000 460,000

6.15% 3.08% 3.08% 1.54% 0.00% 13.85%

Interest Distributions Held Paid 10.05% 2.51% 2.51% 5.03% 20.10%

NOTE 27: PARENT ENTITY INFORMATION Information relating to Australian Chamber Orchestra Pty Ltd Current assets Non-current assets TOTAL ASSETS

PARENT ENTITY 2014 $

2013 $

10,207,569 12,726,804 22,934,373

14,280,597 7,714,022 21,994,619

Current liabilities Non-current liabilities TOTAL LIABILITIES

6,640,528 500,737 7,141,265

6,159,021 440,550 6,599,571

NET ASSETS

15,793,108

15,395,048

Share capital Reserves Accumulated funds TOTAL EQUITY

12 12,606,121 3,186,975 15,793,108

12 12,444,860 2,950,176 15,395,048

SURPLUS FOR THE YEAR

236,798

966,511

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

398,059

1,463,216

NOTE 28: SUBSEQUENT EVENTS On 11 February 2015, the Board of the Australian Chamber Orchestra Instrument Fund set a new unit price of $1.40.The Board accepted the most recent formal valuation of the Instruments as a guide to the USD value of the assets on the basis that the instruments would at the very least have retained their value. By applying the current AUD/USD exchange rate to the US valuation and discounting this by 15%, resulting in a new unit price of $1.40 (from $1.20). The Board agreed that the value of the assets globally have been steady due to the prevailing zero/low interest rate environment and consistent with the revaluation in 2014 a discount of 15% to the estimated unit price was applied, to reflect the illiquid nature of these assets. The discount being within the agreed range of 10-15%. There were no other adjusting or significant non-adjusting events that have occurred subsequent to the reporting date and the date of authorisation.

NOTE 29: CHARITABLE FUNDRAISING The parent entity holds an authority to fundraise under the Charitable Fundraising Act, 1991 (NSW) and conducts fundraising appeals throughout the year. Additional information and declarations required to be furnished under the Act are as follows: All funds raised from fundraising activities, net of direct costs, were applied to the company’s normal operations. The company did not conduct any appeals in which traders were engaged.

2014 ANNUAL REPORT

Policy has been developed to enable the ACO to embark on ambitious artistic projects, to provide stability and security during periods of economic uncertainty, and to support the prospective move by the ACO to new premises by 2019, with an expectation that the ACO’s next home will enable the expansion of the Orchestra’s activities to encompass greater It was an impressive year for Development, although there education and community engagement programs. were quite big variances in the revenue from corporate The driver of philanthropy the success ofand thefundraising ACO remains the The year sponsorship, events. extraordinary of musicians Richard Tognetti’s saw a shortfallband against budget in under corporate sponsorship indefatigable and I in thank Richard and his (down $192k)leadership but an increase philanthropic donations colleagues another yeartoofainventive (up $388k),for largely thanks generousprogramming bequest and and RESPONSIBLE PERSONS’ DECLARATION – PER SECTION 60.15 OF THE AUSTRALIAN CHARITIES AND thrilling music-making. the donation from Mindaroo Foundation in support of NOT-FOR-PROFITS COMMISSION REGULATION 2013 ACO VIRTUAL. It was also an impressive year for event 2013 was a year of very stable governance, with no fundraising, withpersons $770k declare coming that from athe series of fundraising The responsible persons’ opinion: retirements or rotations among the in Boardresponsible Directors and dinners and special events aimed at generating support for I(a) salute myare fellow Directors for their untiring there reasonable grounds to believe thatgenerosity the registered entity is able to pay all of its debts, as and when the ACO’s growing Education Program. in bringing their expertise and energy they become due and payable; and to the ACO. It is a privilege to serve Chairman of this impressive council of With revenue wellasahead of budget and costs firmly under (b) the financial statements and notes satisfy the requirements of the Australian Charities and Not-for-profits business andOrchestra’s community leaders. control, the operating result for the year is Commission Actwhich, 2012. when consolidated with the a surplus of $750k, increase in value of the ACO Instrument Fund, produces an Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-for-profits Commission Act 2012 after-tax surplus of $1.12M.

PORT

Directors’ Declaration

This strong financial result has enabled the ACO to achieve accumulated reserves of $15.4M, which is 100% of the Board’s long-term target of holding in reserves the equivalent of GUIDOofBELGIORNO-NETTIS AM expenditure. The Reserves 100% the company’s annual GUIDO BELGIORNO-NETTIS am Chariman Policy has been developed to enable the ACO to embark on Chairman ambitious artistic projects, to provide stability and security Dated this during periods of economic uncertainty, and to support the 7th day of April 2015 prospective move by the ACO to new premises by 2019, with an expectation that the ACO’s next home will enable the expansion of the Orchestra’s activities to encompass greater 6 education and community engagement programs. The driver of the success of the ACO remains the extraordinary of musicians under Richard Tognetti’s DECLARATIONband BY CHAIRPERSON AS REQUIRED BY THE CHARITABLE FUNDRAISING ACT 1991 (NSW) indefatigable leadership and I thank Richard and his I, Guido Belgiorno-Nettis AM, Chairman of Australian Chamber colleagues for another year of inventive programming and Orchestra Pty Ltd, declare that in my opinion: thrilling music-making. (a) the accounts for the year ended 31 December 2014, give a true and fair view of all income and expenditure of 2013Australian was a year of very Orchestra stable governance, with no to fundraising appeals; and Chamber Pty Ltd with respect retirements or rotations among the Board Directors and the my statement of financialfor position as at 31 December I(b) salute fellow Directors their untiring generosity2014 gives a true and fair view of the state of affairs with respect to fundraising appeals; and in bringing their expertise and energy to the ACO. It is a privilege to serve as of this impressive of and the regulations under that Act and the (c) the provisions of Chairman the Charitable Fundraising Actcouncil 1991 (NSW) business and community conditions attached toleaders. the authority have been complied with; and (d) the internal controls exercised by Australian Chamber Orchestra Pty Ltd are appropriate and effective in accounting for all income received and applied from any of its fundraising appeals.

GUIDO BELGIORNO-NETTIS AM am GUIDO BELGIORNO-NETTIS Chairman Chairman 7 April 2015

2014 ANNUAL REPORT

Independent Audit Report

2014 ANNUAL REPORT

ACO.COM.AU AUSTRALIAN CHAMBER ORCHESTRA PTY LTD A not for profit company registered in NSW. ABN 45 001 335 182 ARTISTIC DIRECTOR RICHARD TOGNETTI AO GENERAL MANAGER TIMOTHY CALNIN PO Box R21, Royal Exchange NSW 1225, Australia Opera Quays, 2 East Circular Quay, Sydney NSW 2000 Phone 1800 444 444 (Mon–Fri, 9am–5pm) Fax (02) 8274 3887 / Email aco@aco.com.au

IMAGES: PIERRE TOUSSAINT 1, 2, 3, 4, 26, 50, 80 EMILY JACKET 28. AIKO GOTO

2014 ANNUAL REPORT